CB promises yet another investor to Standard Credit
The Central Bank (CB) has in a fresh turnoff events said that they have ‘renewed’ efforts to find a new investor for The Standard Credit PLC (TSCPLC), earlier handed to the now under-fire Entrust Group, CB sources said. On January 12, CB officials had promised depositors of TSCPLC, formerly Ceylinco Investments and Realty Ltd that they are searching for a party who will ideally buy all their shares at par value each, they said. “The depositors agreed to it,” a source told the Business Times.
TSCPLC’s management was initially handed over to Lankaputra Development Bank, which was appointed as the Managing Agent by the CB on 28 March 2009 to manage the affairs of the company. Subsequently Merchant Bank of Sri Lanka took over as the Managing Agent in September 2009 and the year after, the company underwent another name change as it was re-named The Standard Credit Lanka Ltd. A meeting between depositors of TSCPLC, CB and Entrust was held in April 2014 where it was suggested that TSCPLC should be given to some other investor (again a prominent financial institution), but after much discussion CB decided to rope Entrust in as the investor.