The ‘Entrust files’ pertaining to irregularities at Entrust Securities, a primary market dealer, have been handed over to the Police Financial Crimes Investigation Division (FCID) for action against involved officials, a top official said on Thursday.  ”We have handed over the case (files on the probe) to the FCID for action,” Central Bank (CB) Governor [...]

The Sunday Times Sri Lanka

‘Entrust’ files to Police for action

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The ‘Entrust files’ pertaining to irregularities at Entrust Securities, a primary market dealer, have been handed over to the Police Financial Crimes Investigation Division (FCID) for action against involved officials, a top official said on Thursday.  ”We have handed over the case (files on the probe) to the FCID for action,” Central Bank (CB) Governor Arjuna Mahendran told the Business Times on Thursday, on the sidelines of a media briefing on the state of the economy.

The banking regulator took over the crisis-hit firm last month after it was revealed that liabilities far exceeded assets. Mr. Mahendran said that the FCID is building up the case and that the due diligence has shown ‘cash had gone missing’. He said a forensic audit that’s currently underway will reveal the exact position in the company after which a restructuring plan will be set by the CB. “We will find out the exact position in a few months time,” he added.

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