In terms of section 44 of the Finance Business Act, No. 42 of 2011 (FBA), the Director of the Department of Supervision of Non-Bank Financial Institutions (Director of DSNBFI) of the Central Bank of Sri Lanka (CBSL) has issued orders to the following companies and its directors preventing the disposal, transfer, or otherwise dealing with all properties and other assets held by such companies and the directors thereof. The High Court of Colombo, subsequently, has confirmed and extended such freezing orders in respect of the companies listed in Table 1, below.

Table 1: List of companies where freezing orders are currently in effect

 Note: * Investigations are currently being conducted under section 42 of the FBA.

** CBSL has already determined that these companies have carried on finance business and/or have accepted deposits in contravention of the provisions of section 2 of the FBA.

General public is strongly advised to deposit their money only in legally authorized institutions since failure to do so may eventually result in losing their hard-earned money.

CBSL also wishes to inform the public that only institutions who have been licensed by CBSL under the Banking Act, No. 30 of 1988 or the FBA or has been specifically exempted from the provisions of those statutes, are permitted to accept deposits from the public. Based on the complaints received, investigations are currently being conducted by CBSL regarding several institutions and individuals to ascertain whether such persons have carried on or are carrying on finance business and/or have accepted or are accepting deposits from the public in contravention of the provisions of the FBA. CBSL encourages the general public to report institutions and individuals if they appear to accept deposits in contravention of the provisions of the FBA, to CBSL.

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