Jan 05, 2016 (LBO) – Sri Lanka’s state-owned National Savings Bank has taken over the management of troubled Entrust Securities from yesterday evening, Central Bank official said.
The state-owned bank has taken over the operations following the discussions with the Central Bank and officials of the Entrust Securities Plc.
Meanwhile the CSE has halted the transactions of Entrust Securities with effect from today morning pending clarification from the company.
In a letter to SEC and CSE, the Central Bank said the Monetary Board of the Central Bank has vested the management of Entrust Securities to NSB in order to restore the investor confidence in Entrust Securities and regularize its business operations.
The letter also noted that the board of Entrust Securities has been suspended with the appointment of the board of NSB to act as the board of Entrust Securities until further notice.