Ground Work

Darryll Sinnappa, Country MD, "edotco Sri Lanka" with Mangala Yapa, Chairman, BOI

The consortium led by Asia Capital will start due diligence work on Thursday, to revive the trouble Pramuka Savings & Development Bank.
The start date follows another round of meetings with Central Bank authorities on Wednesday.rn

rnThe Central Bank allowed Pramuka to resume business on January 22, subject a lengthy list of conditions, which includes a ban on raising public funds.rn

rnThe Asia Capital/Richard Peiris consortium has time till July 22, to infuse cash and resurrect Pramuka.rn

rnWith a new management team on board, Pramuka will also qualify for a commercial banking licence.rn

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-LBO Newsdesk: LBOEmail@vanguardlanka.comrn