Six bankrupt financial companies had Rs 62 billion in deposits – The Island

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By Saman Indrajith

Finance, Money and Capital Markets and State Enterprise Minister Ajith Nivard Cabraal told parliament on Wednesday that around 62 billion rupees had been deposited by clients of six bankrupt financial companies over the past six years. last years.

Responding to a question from Ratnapura district parliamentarian SJB Hesha Withanage, the minister said 256,306 clients had deposited Rs. 61.79 billion from 2015 to August 2020 in these companies.

The bankrupt finance companies were Central Investment and Finance Ltd (formerly Central Investment and Finance PLC), The Standard Credit Finance Ltd, TKS Finance Ltd., The Finance Company PLC, ETI Finance Ltd. and Swarnamahal Financial Services PLC, the Minister said.

He said The Finance Company had 147,152 clients who made deposits amounting to Rs. 27,400 million, ETI Finance had 37,586 depositors with Rs. 22,648 million, Central Investment and Finance had 20,161 with Rs. 3.965 million, Standard Credit Finance had 6,600 depositors with Rs. 2,721 million, TKS Finance had 35,184 with Rs. 2,691 million and Swarnamahal Finance Services had 9,623 depositors with Rs. 2,372 million.

Minister Cabraal tabled in the House the names of the members of the directors of bankrupt finance companies and steps had been taken by the Central Bank to help depositors get their money back.

The minister said there were 41 financial institutions registered with the Central Bank as of August 31, 2020.

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