Failed finance companies: CB begins to pay compensation

(February 22, Colombo,Sri Lanka Guardian) The Central Bank has begun to grant compensation to those who have deposited money in unsuccessful financial institutions.
A secretariat has been set up for this purpose, said Sepala Ratnayakea, Director of the Department of Supervision of Non Bank Financial Institutions.

“Under the First Phase of this initiative, those who had deposited up to Rs. 5 million would be reimbursed in installments,” he said.

Based on a court order, those unsuccessful financial institutions had granted the required funds for the purpose, the official added.

According to current estimates, up to 30,000 people have deposited money in such financial institutions.