Reports about any potential investment in TFC not true: Central Bank

Nov 27, 2019 (LBO) – Sri Lanka's Central Bank on Wednesday clarified that the information published in newspapers regarding any potential investment in the troubled The Finance Company (TFC) is not correct.

“Even though these news articles mentioned that TFC informed the CSE that it has been approached by three interested parties to consider investing in the company, no such proposals have been submitted to the CBSL, so far,” the Central Bank said.

“The CBSL wishes to inform that in terms of the FBA, the Monetary Board shall take a decision on the notice of cancellation issued to TFC after the expiration of 60 days from the date of notice of cancellation.

The Central Bank issued a notice of cancellation of the licence granted to The Finance Company to carry on finance business under the Finance Business Act on 23 October 2019.

The company, however, has the right to submit an acceptable proposal for investment along with proof of funds for capital infusion and a Business Restructuring Plan for consideration within 30 days from the date of issuance of such notice.