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CB to liquidate six ‘bad’ finance cos using Public Money.

CB to liquidate six ‘bad’ finance cos. | The Sunday Times Sri Lanka: The Central Bank (CB) after ‘critically’ evaluating six finance companies that are in the dumps are likely to liquidate them after paying off depositors, a CB official said.

“We’re trying to resolve this and many discussions on this have been going on for a while now. It’s taking a toll on all concerned parties – the depositors, the CB, etc. So we will be (soon) taking a decision on these firms,” he told the Business Times. According to the official, six firms have been facing tough liquidity issues.

He added that the regulator keenly studied what steps to initiate in terms of these six. “We tried to find partners for them or design some sort of restructuring plan for them, but now it has come to a stage that they can’t find anyone. That’s the truth and we’re trying to pay off depositors as much as possible before liquidating these companies,” he said.

The CB now governs 48 licensed finance companies and in 2015 took over the crisis-hit primary dealer Entrust Securities and two of its finance company subsidiaries – Standard Credit Finance Ltd and Multi Finance PLC of which the latter was bought by apartment builder Fairway Holdings Ltd.
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