CBSL permits Swarnamahal Financial Services to resume business for a limited purpose

Jan 12, 2021 (LBO) – The Central Bank has made an order permitting Swarnamahal Financial Services PLC to resume business notionally for a limited purpose and limited time subject to several strict conditions, in the public interest and in the interests of the depositors of the Company.

The business will be resumed for a limited period of three (03) months from 13th January 2021 to 12th April 2021 only for the purpose of repayment up to fifty percent (50%) of the remaining deposits of the Company (repayment plan).

The decision has been taken after considering the non-availability of a viable plan to revive the Company through a capital infusion, the insolvent position and continuous deterioration in the financial condition, the financial impact on depositors in receiving a part of deposits.

The public, however, is requested to refrain from placing deposits or engaging in any other business with the company in any manner, other than settlement of any dues.

Full statement

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