Central Bank suspends business of Swarnamahal Financial Services

The Monetary Board of the Central Bank has decided to suspend the business of Swarnamahal Financial Services PLC (SFSP) with effect from today.

Having considered the continuously deteriorating financial condition and non-availability of a viable revival plan, the Monetary Board decided to suspend the business of SFSP and its parent Company ETI Finance Limited with effect from 13 July 2020 and the period of suspension of business activities was in effect until 12 January 2021.

"During the suspended period the Company failed to bring in an acceptable revival plan through a capital infusion even after expiry of almost six (06) months from the date of suspension of the business activities and the financial position of SFSP continued to deteriorate further," the Central Bank said in a statement.

During the suspension period, the Panel of Management will continue to manage the affairs of SFSP and the enhanced amount of compensation from SLDILSS to the remaining depositors of SFSP will be paid through the island wide branch network of Peoples’ Bank.
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