NSB takes over Entrust Securities

The National Savings Bank (NSB) on Tuesday morning took over the operations of Entrust Securities, a primary dealer, on a directive of the Central Bank to avert a collapse of the company.

This came after the company, which was once powerful and close to the former regime, had been investigated by the Central Bank (CB), CID and Police for misappropriation of funds and financial irregularities. The beleaguered company, whose chairman until recently was Chanuka Ratwatte, son for the late, former minister Anuruddha Ratwatte, had been given a 6 pm deadline on Monday January 4th to present a plan to resurrect the company, With no proposal emerging by 6 pm the regulator took over the firm.

On Tuesday CB officials accompanied NSB officials to the Entrust office on the 16th floor, west tower of the World Trade Centre in Colombo, met senior management including Group Executive Director cum CEO Romesha Senerath, Chief dealer Sanjeewa Dayaratne and AGM Niroshan Mendis and gave fresh directions on running the company. A help desk has been set up at the premises by the NSB. Its hotline is 011-5500635.

CB officials left by around 11.45 am with NSB thereafter taking control of the management. (DE)