Published on Monday, 07 October 2013 08:06
The Securities and Exchange Commission of Sri Lanka (SEC) is preparing to hold an inquiry regarding a finance company which is on the verge of receiving the red notice from the Central Bank setting up a branch office, “Sri Lanka Mirror” hears.
This particular finance company is said to have set up its new branch office in the Panadura town.
It is said that these sorts of activities are clear violations of CB financial regulations.
Two of the Directors of this company had already sent nearly 80 Million Rupees belonging to the company's depositors, the teams which investigated on this matter has found out.
According to reports, these Directors have not deposited this money in banks, but have used this money to buy property in foreign countries and to invest in foreign companies instead.
It is said that the reason behind the delay in executing the law against these suspects is because of the fact that nearly 1000 people have deposited money in this company.
Meanwhile, it is also heard that these 2 Directors are doing many tricks in order to make the red notice to be delayed.
I just checked the banks open in Panadura recently, seems to me its Union Bank..
If anyone has news with regards to this, pls enlighten further..
Last edited by smallville on Tue Oct 08, 2013 8:09 am; edited 1 time in total