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License of The Finance Company cancelled

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The central bank has cancelled the licence of The Finance Company PLC with effect from May 22, after it failed to recover financially by finding an investor following a reprieve last year.

Following the cancellation of the license, the central bank said that it would compensate depositors who have not been able to withdraw their money.

There were 145,172 depositors at the finance company at the time of cancelling the licence.

More than 140,000 depositors remained unable to withdraw money over the last 15 months.

Accordingly, the central bank said it will pay compensation to 93 percent of the company’s depositors in full, while the remaining depositors will receive Rs 600,000.

The remaining balance of these depositors could be recovered in the process of liquidating the company subjected to the priority of claims, it added.

 

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