The Central Bank will initiate necessary legal action against unauthorised deposit-taking institutions while taking measures to broaden public awareness on the consequences of engaging in unauthorised financial activities.
It has intensified surveillance in detecting unauthorised finance business and deposit-taking while seeking public support to take appropriate action against such errant financial institutions.
The spotlight of the Central Bank has turned recently onto Eyon Lanka Investment and Film Production International Company (Pvt) Ltd which has carried out illicit finance business and deposit mobilisation.
In a public notice published in newspapers on Wednesday, the bank disclosed that this company has carried out or it is carrying on finance business or has accepted or accepting deposits in contravention of the provisions of the Finance Business Act.
Accordingly, the Monetary Board of Central Bank has directed the company not to accept further deposits by issuing promissory notes or in any other manner and not to carry on finance business.
The owner of Eyon Lanka Investment Dammika Kumara Atapattu and his company has been ordered to submit within 14 days, a time bound repayment plan acceptable to the Monetary Board to settle the depositors in full.
The Central Bank has already issued orders prohibiting Dammika Kumara and the company soliciting and mobilising deposits or any funds in any other forms, disposing / alienating assets, entering into any transaction in relation to any account, property or investment.
The bank reiterates the requirement for enactment of a legal framework to regulate unregulated money lending activities so that a better and more effective regulatory environment is created for money lending institutions in the future.
The said institution has not been registered by the bank to carry out finance leasing business and therefore, any finance leasing business carried out by such institution constitutes an offence. (BS)
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
The Supreme Court today refused interim relief in an application filed by President’s Counsel Senaka Walgampaya seeking an Order from the Supreme Court compelling the President to appoint judges to fill the existing vacancies in the Court Of Appeal.
Gazette on new speed limit regulations to be issued within two weeks
All Ceylon Makkal Congress MP Ali Sabri Raheem had been arrested by Kalpitiya police after he surrendered to the police today morning.
Senior DIG Nilantha Jayawardena has been sent on compulsory leave pending disciplinary investigation over his failure to prevent the Easter Sunday bombings.
The 22nd amendment to the constitution dealing with the term of the President has been gazetted by order of President Ranil Wickremesinghe.
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