No Can Do

The Central Bank on Tuesday warned the public that Kandy based Lankawin Finance Company Limited was taking deposits without a license under the Finance Company’s Act. The Central Bank on Tuesday warned the public that Kandy based Lankawin Finance Company Limited was taking deposits without a license under the Finance Company’s Act. “The public is informed that the said company is not a registered finance company and is not authorised to accept deposits from the public,” a Central Bank release said on Tuesday.

Naming the institution is part of the bank’s efforts to warn depositors not to part with their funds in un-regulated institutions.

Central Bank’s Director Supervision of Non bank Financial Institutions Department Mrs. L K Gunatilake said the Monitory Board was initiating action against Lankawin Finance under Section 11 of the Banking Act.

Initial steps include, asking the firm to comply with the Finance Company act.

Meanwhile, Mrs. Gunatilake said no reliable information was available to indicate Lankawin’s asset base, but added that the firm operated only through its head office in Kandy.

Lankawin Finance Company Limited is the sixth