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Fiscal Reforms: An Imperative For Sustained Growth

2016-10-23 colombotelegraph
Sustained growth is normally viewed from two different angles today. One is from the point of environment and depletion of non-renewable resources. The other is from the point of a country’s ability to sustain a high economic growth based on technological advancement, infrastructure and quality of human capital. Economic growth involves the delivery of an ever increasing high volume of material goods and services to people.

CB’s power to bailout troubled finance companies challenged

Former Deputy Governor Wijewardena says notion of taxpayers’ money being used to pay defrauded depositors flawed

Chanuka Ratwatta Granted Bail

2016-10-21 colombotelegraph
Chanuka Ratwatte and four others were granted bail today by Colombo Fort Magistrate. They were each released on a cash bail of Rs. 300,000 and two sureties of Rs. 2 million per suspect.

CIFL share trading halted, share price drops by 20%

Trading of shares from Central Investments & Finance Limited (CIFL) was halted at the Colombo Stock Exchange (CSE) this morning (19 October). According to the CSE, this step had been taken pending a clarification from the company.

Central Bank resolves four insolvent financial institutions to protect depositors and promote the financial system stability

As announced to the public on 10.10.2016, the Monetary Board at its meeting held on 14.10.2016 considered resolution issues pertaining to a number of non-bank financial institutions in the context of relevant legal provisions in the interest of protecting the public trust in the financial system. Accordingly, the Monetary Board approved a resolution mechanism for repayment of depositors of three finance companies and legitimate investors in government securities-linked investments in Entrust Securities PLC.

Sri Lanka Central Bank resolves four insolvent institutions

2016-10-19 lankabusinessonline
Oct 19, 2016 (LBO) – Sri Lanka’s Monetary Board says it has approved repayments to depositors and investors in four insolvent financial institutions.

Whistle-Blowing On Perpetual Treasuries: Embarrassing But Vindication Of CB’s Supervisory Staff

2016-10-09 colombotelegraph
The market last week was livid with a leaked on-site examination report, claimed to have been prepared by Central Bank’s primary dealer supervision staff, on the controversial primary dealer, Perpetual Treasuries.

Chanuka Ratwatte Further Remanded Over Multi-Billion Financial Fraud

2016-10-07 colombotelegraph
Chanuka Ratwatte and four other board members of Entrust Securities were ordered to be further remanded till October 21 by the Colombo Fort Magistrate.

Chanuka Ratwatte And Entrust Board Members File Bail Applications; Magistrate Orders Them To Be Remanded

2016-09-30 colombotelegraph
The Colombo Fort Magistrate today further remanded Chanuka Ratwatte and four other board members of Entrust Securities till October 7 for misappropriating funds amounting to Rs. 4.2 billion which belonged to over 350 investors. Meanwhile, the lawyers of Ratwatta and the four other board members have also filed written bail applications.

Chanuka Ratwatte And Four Others Arrested For Rs. 12 Billion Financial Fraud

2016-09-14 colombotelegraph
Chanuka Ratwatte, along with four others who were arrested today by the Financial Crimes Investigation Division (FCID) over alleged financial fraud charges committed by them at Entrust Securities PLC, were remanded till September 28.

Sri Lanka’s CB to take-over Entrust Securities

2016-01-04 lankabusinessonline
Jan 04, 2015 (LBO) - Sri Lanka's Central Bank is to take-over Entrust Securities Plc, primary dealer in government securities if the company fails to submit a viable restructuring plan today, Gover...