Winding Up

Oct 07, 2008 (LBO) – Sri Lanka’s troubled merchant bank Vanik Incorporation said it had been ordered to wind up by the district court of Colombo in a case filed by a foreign and a local bank. The case will be called on November 21, 2008 for further steps, Vanik said in a stock exchange filing.

The case was filed by Hong Kong & Shanghai Banking Corporation, as the Trustee for the holders of Vanik debentures, and Ruhunu Development Bank.

The Colombo stock exchange suspended trading in Vanik on Monday until further notice.