Sri Lanka Department Action Sri Lanka

Central Bank cancels license of Swarnamahal Financial Services PLC

Reading now: 921
www.newsfirst.lk

COLOMBO (News 1st) – The Monetary Board of the Central Bank of Sri Lanka has decided to cancel the Finance Business Licence issued to Swarnamahal Financial Services PLC (SFSP).This is in terms of Section 37 (3) of the Finance Business Act, No.

42 of 2011 (FBA) with effect from 28th December 2022. Accordingly, warnamahal Financial Services PLC (SFSP) is not permitted to engage in Finance Business under the FBA with effect from 28th December 2022.

Further, the Director of the Department of Supervision of Non- Bank Financial Institutions of the Central Bank of Sri Lanka has decided to cancel the Certificate of Registration of SFSP as a Registered Finance Leasing Establishment under the provisions of the Finance Leasing Act, No.

56 of 2000.In view of the contribution made by SMB Finance PLC (SMBF) (then SMB Leasing PLC) to repay the remaining deposits of SFSP, as per the directions of the “Masterplan for Consolidation of Non-Bank Financial Institutions Sector”, unclaimed deposit liability of SFSP will be transferred to SMBF along with the corresponding assets value and relevant depositor information.Further, Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS) will take necessary actions to pay compensation to the outstanding insured depositors of SFSP up to a maximum of Rs.

Read more on newsfirst.lk
The website covid-19.rehab is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

Lisa Snowdon - Celebrity Masterchef - Lisa Snowdon, 50, discusses her health woes as she wards off 'wellness fads' in new year - express.co.uk
express.co.uk
58%
467
Lisa Snowdon, 50, discusses her health woes as she wards off 'wellness fads' in new year
Express.co.uk about how new year's resolutions push people to pursue “unachievable” goals through “wellness fads”.Lisa explained: “I want to speak out about wellness fads because, in most cases, they are adopted as part of a January ‘new year, new me’ resolution.“Most people set these extreme resolutions, which have good intentions, but are more often than not unachievable and therefore nobody can stick to them.”In a bid to help people understand the inefficacy of some wellness fads, Lisa has partnered with gut health supplement Symprove to design three spoof health fads - The Bowel Counsellor, The Anal Crystal and ‘Bougie Poo-fumée’ candles.The fake methods aim to highlight just how ludicrous some “wellness fads” can be and why it is important to look after your gut and keep a healthy balanced lifestyle.Lisa elaborated: “This is why I wanted to work with Symprove again as they have such a great way of talking openly about our tummies, guts and bowel movements.“In our partnership, we wanted to spoof some of the funny and more extreme wellness fads that are out there to show that you don't have to go to extreme lengths to look after your gut.”The former Strictly Come Dancing star went on: “Although I personally love crystals, candles and counselling - it’s obvious that counselling for your bowel doesn’t exist, poo candles are simply just hilarious and putting crystals in any body orifice is definitely not recommended.“Symprove and I created these health fads to prove that nobody needs to go that far.“Instead, I believe that making smaller, more realistic changes to your daily routine, can have a bigger impact on your general wellbeing.”Elsewhere in the interview, Lisa opened up about her own gut health and how exercise
DMCA