CBSL suspends business of Swarnamahal Financial services

Colombo (News1st): The Monetary Board of the Central Bank of Sri Lanka has decided to suspend the business of Swarnamahal Financial Services PLC with effect from 5:00 p.m. on April 12, 2021. In a release, the Central Bank said "Having considered the continuously deteriorating financial condition and non-availability of a viable revival plan, the Monetary Board decided to suspend the business of Swarnamahal Financial Services PLC and its parent Company ETI Finance Limited in terms of Section 31(1) of the FBA with effect from 13th July 2020 and the period of suspension of business activities was in effect until 12th January 2021. During the suspended period the Company had failed to bring in an acceptable revival plan through a capital infusion even after expiry of almost six months from the date of suspension of the business activities and the financial position of SFSP continued to deteriorate further, The statement added.