Central Bank orders repayment of 50% of the remaining deposits of Swarnamahal Financial Services

The Central Bank (CB) has ordered the repayment of 50% of the remaining value of deposits of the failed Swarnamahal Financial Services PLC (SFSP) after deducting 30% repayment already made and the eligible compensation under the Sri Lanka Deposit Insurance and Liquidity Support Scheme, with effect from 3rd February 2021.

This is consequent to the order issued by the Monetary Board of the Central Bank to resume business of SFSP for a limited time on a conditional basis, only for the purpose of repayment up to 50% of the remaining deposits of the company (repayment plan) under the supervision of the Panel of Management appointed by the Monetary Board. The SFSP has taken measures to implement such plan.

In this regard, the depositors of SFSP are informed of the following arrangements made by SFSP.

1. Repayments will be made only at the Head Office Branch of SFSP at No. 5, R. A. De Mel Mawatha, Colombo 04, from 9.00 a.m to 4.00 p.m on allocated dates.

2. The respective depositors will be informed of the instructions to be followed through letters and telephone calls by SFSP.