A consortium led by the Asia Capital and Richard Peiris Group were given time till July 22 to infuse cash and resurrect Pramuka Savings & Development Bank.
As reported by LBO on Wed. the Monetary Board has decided to allow Pramuka to resume business from July 22, subject to its new investors complying with certain concerns.rn
rnDuring the coming weeks, the consortium who have pledged to infuse between Rs. 500 mn to 600 mn, have to get depositors written consent to convert around Rs. 1.2 bn of their funds into equity, the Central Bank said in a statement late Thursday.rn
rnUnder the restructuring plan there would be a moratorium on depositors/creditors payments, they will have to forego some of their rights and receive a fixed interest rate on their investments for a specified time period.rn
rnIn addition, the consortium has to arrange to transfer Pramukas ownership to the new owners and reconstitute the banks board.rn
rnThe lengthy lquote to do list, needs written consent of all stakeholders, t