The Central Bank of Sri Lanka has warned the public against accepting deposits with Singhe Capital Investment Limited and ordered the company and two of its directors to immediately stop the practice, EconomyNext reported.
The regulator said it had investigated the company under Section 42(10) of the Finance Business Act, No. 42 of 2011 and found that Singhe Capital Investment Limited had accepted deposits by issuing promissory notes and/or commercial papers in contravention of the law. The Finance Business Act prohibits the carrying on of finance business — including accepting deposits from the public — without a licence from the Central Bank.
The Central Bank named directors Kankanan Gamaralalage Sugath Wasantha Kumara Rathnawardana and Chandika Yasnath Bandara Weerakoon as responsible. It directed Singhe Capital Investment Limited and the two named directors to refrain from accepting deposits from the public, issuing the notice through a press release on June 17.
The warning extends a long-running CBSL crackdown on unlicensed deposit-takers. The Central Bank earlier this month cancelled the registration of Cooperative Leasing Company Ltd, and has run a public anti-scam awareness campaign flagging illegal investment schemes. The latest action against Singhe Capital widens the list of named entities that depositors are warned to avoid.
Source: EconomyNext — Sri Lanka’s central bank warns against Singhe Capital Investment
