Managed Finance

Dec 16, 2009 (LBO) – Sri Lanka’s Central Bank said it has appointed People’s Leasing Company as managing agent of Industrial Finance Limited, a company facing liquidity shortages, with immediate effect. The Central Bank said in a statement all directors of Industrial Finance, which is currently under its supervision, will continue to serve as members of its board.

The existing director are expected to co-operate with the managing agent to improve the firms finances and meet “liabilities to depositors and other creditors as and when they are due and to conduct business operations as usual,” the Central Bank said.

The Central Bank said it expects People’s Leasing as managing agent to improve the financial status of IFL within a “reasonable” period of time, and will closely monitor the progress.

People’s Leasing Company is a subsidiary of state-owned People’s Bank, and is the island’s largest leasing company.