Compensation payments to depositors of failed The Finance Company

News

With the license issued to the collapsed The Finance Company PLC (TFC) to carry on finance business being cancelled with effect from May 22 in terms of the provisions of the Finance Business Act No. 42 of 2011, the Central Bank (CB) said on Thursday that it has begun the process of paying compensation to depositors.

The banking regulator, said in a media release, that it is taking steps to pay compensation up to Rs.600,000 to all insured depositors as per the Regulations of Sri Lanka Deposit Insurance and Liquidity Support Scheme.

The balance amount, if any, will be settled after liquidation of properties belonging to the TFC. The compensation payments will be made through the People’s Bank as the agent bank appointed by the CB for this purpose. The first phase of the compensation payment for the individual depositors having a single deposit will commence on June 7 at People’s Bank branch locations where TFC branches were previously operated.

Further details in this regard can be obtained from the telephone numbers given below: CB - 0112-398788, 0112-2477261 and the People’s Bank - 0112-481594, 0112-481320, 0112-481612, 0112-481703.

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