The Central Bank, under the ‘Masterplan for Consolidation’, has directed Kanrich Finance Ltd (KFL) to settle all its public liabilities in full within the period 12.2022 to 28.02.2023 in terms of Section 25(1)(m) of the Finance Business Act, No. 42 of 2011 (FBA), due to continuous capital deficiencies faced by KFL.
This direction was issued in the best interest of depositors and promissory note holders of KFL, subsequent to securing measures to have adequate funds available for KFL to fully settle its public liabilities and further directing KFL to exit from the finance business after such settlement, the banking regulator said in a media release.
Accordingly, KFL will take necessary actions to settle the entirety of public liabilities with interest accrued up to 26.12.2022 at agreed upon interest rates.
All depositors and promissory note holders of KFL are requested to avail this settlement plan and claim their funds prior to 28.02.2023.
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