Sri Lanka regulator suspends business activities of ‘ETI Finance’ and ‘Swarnamahal Financial Services’

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The Central Bank’s (CBSL) Monetary Board has decided to suspend the business activities of ETI Finance’ and ‘Swarnamahal Financial Services’, effective from 13 July 2020.

The decision has been taken by the Monetary Board of the Central Bank at its meeting held on  10 July 2020.

The Board arrived at this decision considering the extremely vulnerable liquidity position of ETIF  and  Swarnamahal Financial Services.

Earlier, the CBSL has taken a number of measures on ETI Finance Ltd. (ETIF)  and ‘Swarnamahal Financial Services’ to address various irregularities taken place since 2011.

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