Financial Times

CB to ‘bogus’ finance Cos. : Pay up or face stern action

The Central Bank this week has ordered four out of six deposit-collecting institutions including ‘rogue’ unit, Sakvithi House Constructions to repay their deposit liabilities within one month from October 30.
These units or individuals – Sakvithi, Okanda Finance, Nadini Finance, Narangoda Liyanage Don Minol Hasantha Narangoda, the owner of the business name ‘Sriyavi Homes Lands & Investments’, Piyadasa Ratnayake (Danduwam Mudalali) and D.K.Udayasiri were earlier asked to apply for registration within a month from September 29 or face action.

The owner of Sakvithi has disappeared and is said to be abroad with the CID and Interpol on his track, after hundreds of depositors complained.

Four of these units have not responded to the call registration while Okanda Finance submitted an application but the Central Bank said it doesn’t fulfill the requirements for obtaining registration as a finance company. “Okanda Finance Ltd has now been directed to rectify the deficiencies within one month from November 4 to consider its application for registration,” the Bank said. Piyadasa Ratnayake has informed the Bank of his intention to submit an application and has requested an extension of time, as he had been in remand custody. An extension has been given.

The Bank has ordered these institutions and individuals to also furnish relevant details, including a list of depositors, within 15 days from November 30. In the case of Okanda and Piyadasa Ratnayake, they would also be ordered to repay deposits if they don’t meet the requirements after the extension was given.

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