Central Bank cancels license of CIFL

The Central Bank of Sri Lanka has decided to cancel the finance license of Central Investments & Finance PLC (CIFL). 

CBSL’s Department of Supervision of Non-Bank Financial Institutions has written to the Chief Executive Officer of the Colombo Stock Exchange (CSE) notifying of the action taken against Central Investment and Finance PLC under provision of the Finance Business Act No. 42 of 2011. 

It said that the Monetary Board of the Central Bank of Sri Lanka at its meeting held on November 06, 2017 decided to issue a notice of cancellation of license granted to Central Investments and Finance PLC in terms of Section 37 (1) of the Finance Business Act No. 42 of 2011 (FBA). 

Accordingly, notice of cancellation has been communicated to the company on November 17, 2017. 

The Central Bank noted that in terms of Section 37 of the FBA, under which the notice of cancellation was issued, the company may tender objections in writing to the Monetary Board, in which case the Monetary Board may consider the objection and further action may be determined. 

Meanwhile it has been reported that trading of shares of Central Investments & Finance PLC (CIFL) has been halted at the stock market effective from today (23).