NSB initiates financial due diligence on Entrust

Wednesday, 13 January 2016 00:22 - - {{hitsCtrl.values.hits}}

The National Savings Bank (NSB) yesterday informed the Colombo Stock Exchange (CSE) that it is in the process of undertaking a financial due diligence on the troubled primary dealer Entrust Securities PLC.

As per the decision of the Monetary Board, with effect from 5 January the management of Entrust Securities PLC was vested with NSB with a view of taking appropriate measures for recovery and restructuring.

As Entrust Securities is a listed entity the state-owned NSB in a statement said; “Accordingly, we are now in the process of undertaking a financial due diligence. An Action plan for restructuring of Entrust Securities PLC will be formulated thereafter.”

The Central Bank gave Entrust Securities three months’ grace period from November 2015 to come up with a viable and credible restructuring program. However, since the deadline which expired on 4 January, was not met, authorities initiated measures to take over the company.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.