Dec 07, 2009 (LBO) – Finance and Guarantee Company Limited, a regulated finance company in the troubled Ceylinco group will be renamed The Island Finance Company, the Central Bank said.
The company suffered liquidity constraints in the wake of the crisis in the Ceylinco Group and its day to day operations were restricted following legal action by investors.
Merchant Bank was subsequently appointed managing agents by the Central Bank of Sri Lanka and is taking steps to resume normal operations.
“The Central Bank of Sri Lanka has issued necessary directions to enable the company to strengthen its financial position,” the Central Bank said in a statement on Monday.
“In order to recommence the normal business activities, the company is now considering to reorganise the company under the new name ˜Island Finance Company Ltd.”