Compensation payment to CIFL depositors begins

Wednesday, 29 August 2018 00:00 -     - {{hitsCtrl.values.hits}}

The Monetary Board cancelled the licence issued to Central Investment and Finance Plc (CIFL) with effect from 5 March 2018 in accordance with Section 37(3) of the Finance Business Act.

The Central Bank of Sri Lanka announced the commencement of compensation payments for insured depositors of CIFL with effect from 27 August 2018 in terms of Sri Lanka Deposit Insurance Scheme Regulation No. 1 of 2010 (as amended, SLDILSS regulations). The payment process will continued until all eligible depositors of CIFL who have claimed their dues are paid. Therefore, eligible depositors were requested to wait for CBSL to officially inform them of the collection of their payment.

Further, with the Monetary Board decision to cancel the licence of The Standard Credit Finance Ltd. effective from 25 July 2018, the compensation payment for the eligible depositors will also be paid in terms of the SLDILSS regulations in due course.