Underfire Entrust Securities facing take-over by banking regulator

Business

Underfire Entrust Securities, under investigation by the Central Bank , will be taken over by the regulator and its management and restructure entrusted to a commercial bank if the securities firm doesnt submit a restructure plan as ordered to by today (deadline), the CB said on Monday. -

The firm is being investigated over various irregularities by the CID and the Police, CB Governor Arjuna Mahendran told reporters. The briefing had been called to explain the regulator's latest position vis-a-vis Entrust Securities.
The company comes under the ambit of the Entrust Group in which the powerful Ratwatte family once had a major stake, and which had powerful contacts during the former Rajapaksa regime. -ENDS -