Liquidation Status

Sri Lanka's state minister of defence Ruwan Wijewardene (L) takes part in a press conference in Colombo on April 24, 2019. - A Sri Lankan security dragnet hunting those responsible for horrifying bombings that claimed more than 350 lives has scooped up a further 18 suspects, police said April 24, as pressure mounted on politicians to explain why no one acted on intelligence warnings. (Photo by ISHARA S. KODIKARA / AFP) (Photo credit should read ISHARA S. KODIKARA/AFP/Getty Images)

Jan 23, 2010 (LBO) – Sri Lanka’s central banks says depositors of several failed financial firms are being settled according to court directions and others could be settled with Treasury bills when assets are identified. (ii) Finance and Guarantee Property Development Company (Pvt.) Ltd. and F&G Real Estate Company Ltd: The Court has directed the establishment of a Trust for each of the above entities to vest assets belonging to the respective company for the purpose of settlement of dues to investors of those companies.

(iii) Companies in the Shriram Group: A repayment plan submitted by the directors of the company is presently being considered in the Supreme Court. The implementation of the repayment plan has already been recommended by the Central Bank, subject to certain amendments.

(iv) Sakvithi House Construction (Pvt.) Ltd: Investigations are in progress to identify the assets of the company. Once the assets are identified, action will follow. Critics have said most people were driven towards unregulated institutions due to loose monetary policies from 2004 to 2007.

But investors in several unregulated firms also did not pay taxes like other law abiding citizens who deposited in regulated firms