The Central Bank of Sri Lanka (CBSL) has directed Kanrich Finance Limited (KFL) to settle its public liabilities in full, by the end of February 2023.
Accordingly, the Monetary Board of CBSL, as a measure to strengthen the Non-Bank Financial Institutions Sector under the ‘Masterplan for Consolidation’, decided to direct KFL to settle its public liabilities in full within 26 December 2022 and 28 February 2023, due to continuous capital deficiencies faced by KFL.
The aforesaid direction was issued in the best interest of depositors and promissory note holders of KFL, subsequent to securing measures to have adequate funds available for KFL to fully settle its public liabilities and further directing KFL to exit from the finance business after such settlement, CBSL noted in a statement.
Accordingly, KFL will take necessary actions to settle the entirety of public liabilities with interest accrued up to 26.12.2022 at agreed upon interest rates.
All depositors and promissory note holders of KFL are requested to avail this settlement plan and claim their funds prior to 28 February 2023.
