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Sri Lanka’s Troubled Nation Lanka Finance Placed Under Administration
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Sri Lanka’s troubled Nation Lanka Finance placed under administration
ECONOMYNEXT – Sri Lanka’s central bank has appointed an administrator to run the Nation Lanka Finance Plc, using its new powers to resolved troubled banks and finance companies, after the firm failed to meet capital requirements and regulations. The central bank said the decision was taken to “safeguard the interests of depositors and creditors, as the current financial condition of the company poses a risk of further deterioration” and the stab…
Execution of Resolution Action on Nation Lanka Finance PLC [NLFP] under the Banking (Special Provisions) Act, No. 17 of 2023 | Central Bank of Sri Lanka
Nation Lanka Finance PLC (NLFP), a Licensed Finance Company under the Finance Business Act, No. 42 of 2011 (FBA), has continuously been violating/contravening the provisions of the FBA and several Directions and Rules issued thereunder. Further, the financial condition of NLFP, is not satisfactory due to deficient capital level, poor asset quality, continuous losses and failure in repaying depositors’ money on demand or at maturity, etc. FULL T…
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