Central Bank to initiate legal process to wind up ETI Finance

Jan 12, 2021 (LBO) – The Monetary Board of the Central Bank has decided to cause Director, Supervision of Non-Bank Financial Institutions to make an application to a competent court for the winding up of ETI Finance (ETIF) in terms of Section 31(5)(b) of the FBA.

The decision has been taken after considering the non-availability of a viable plan to revive the Company through a capital infusion and the continuing insolvent position.

The Panel of Management, however, will continue to manage the affairs of ETIF and facilitate the winding-up process.

Sri Lanka Deposit Insurance and Liquidity Support Scheme will continue to pay compensation payment to the eligible depositors of ETIF, who have not received their compensation payment so far, up to a maximum of Rs. 600,000/- per depositor.

Full statement


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