Central Bank instructs SFSP to pay 10-pct of deposit liabilities from today

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July 10, 2018 (LBO) – Monetary Board of the Central Bank has instructed Swarnamahal Financial Services PLC (SFSP) to pay urgently 10 percent of deposit liabilities commencing from today, considering the requests of the depositors.

Central Bank said the details of the payment plan will be informed to depositors by Swarnamahal Financial Services PLC shortly.

Central Bank requests all depositors to be patient until the business activities of SFSP are restructured and to cooperate with the Central Bank appointed management panel for the implementation of such activities.

The Central Bank earlier said ETI Finance Limited has paid back 10 percent of the deposit liabilities to its existing deposit holders in the first round of payments concluded two weeks ago.

Central Bank Governor Dr. Indrajit Coomaraswamy last Friday said the Singapore-based Blue Summit Capital and its local partner Ben Holdings Limited have transferred 33 million dollars as the first tranche while another 11 million dollars is expected soon.

Dr. Coomaraswamy, however, said that another investor is needed for ETI to continue functioning as there’s a hole in assets and liabilities of about 100 million dollars.