NSB says preparing ‘financial due diligence’ of failed Entrust

Business

Jan 12, 2016
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The National Savings Bank (NSB), which last week took over the management of the failed Entrust Securities PLC on a directive of the Central Bank, said on Tuesday that it was in the process of ‘undertaking a financial due diligence (of the company)”.

In an announcement to the Colombo Stock Exchange since Entrust is a listed company, the state-owned bank said that an action plan to restructure the company will be prepared as the second step. NSB said it has been vested with taking ‘appropriate measures for recovery and restructuring’ of Entrust Securities which is said to have liabilities totalling Rs. 6 billion. – ENDS -