Multi Finance Ltd, a 41-year old finance company in a bid to distance itself from the failed Entrust Securities PLC, is to remove five of its directors who also serve on the board of the collapsed firm, official sources said.
Multi Finance and Entrust Securities are part of the Entrust Group. Entrust Securities was taken over by the Central Bank (CB) last week.
Two independent directors at Multi Finance (Kuvera de Zoysa and Mohan Ratnayake) along with its CEO Pushpika Jayasundera, met the CB on Wednesday and recommended that common directors of these two firms should be removed.
The common directors at Multi Finance and Entrust Securities are Isira D. B. Dassanayake, Romesha Senarath, Niroshan Mendis, Sanjeewa Dayaratna and Mano Thilakawardena (independent director).
"A decision has been made by the Multi Finance to remove these five common directors and we conveyed this request to the CB," a source said. He added that Multi Finance is well-run and has been doing well and was keen to find new investors in a realigning process. (Duruthu)
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