Assets frozen of six companies over illegal deposit-taking

Wednesday, 23 September 2026 05:22 - - {{hitsCtrl.values.hits}}

The Central Bank of Sri Lanka (CBSL) yesterday said freezing orders remain in effect against six companies and their Directors, barring the disposal, transfer or dealing of any properties and other assets held by them, under Section 44 of the Finance Business Act, No. 42 of 2011 (FBA).

The Director of the Department of Supervision of Non-Bank Financial Institutions (Director of DSNBFI) of the CBSL issued the orders, which have subsequently been confirmed and extended by the High Court of Colombo.

The companies named are Kasagala Green Plantation Ltd., and Ceylon Green Life Plantation Ltd., both currently under investigation under Section 42 of the FBA; and Singhe Capital Investment Ltd., Pro Shop Advertising Holdings Ltd., Athens International Education Centre Ltd., and Eyon Lanka Investment and Film Production International Company Ltd., which the CBSL has determined carried on finance business and/or accepted deposits in contravention of Section 2 of the FBA.

The CBSL advised the general public to deposit money only with legally authorised institutions, warning that failure to do so may result in the loss of their savings. It said only institutions licensed under the Banking Act, No. 30 of 1988, or the FBA, or specifically exempted from those statutes, are permitted to accept public deposits.

The CBSL said it is currently investigating several other institutions and individuals, based on complaints received, to determine whether they have carried on finance business or accepted deposits in violation of the FBA, and encouraged the public to report any such entities to the CBSL.