ETI Finance depositors to receive their money from June

The Central Bank of Sri Lanka (CBSL) has permitted ETI Finance Limited to sell its holding of shares in subsidiary and sub-subsidiary companies and investment properties for a net amount of USD 75 million, out of which the payments of the depositors will be rolled out from June 5, 2018.

The details of the payment plan which will commence from June 5, 2018 will be informed to depositors by the ETIFL in due course.

CBSL requests all depositors to be patient until the finalisation of the action plan is finalized and also urges to cooperate with the CBSL appointed management panel of the ETIFL to implement the payment plan.

The Department of Supervision of Non-Bank Financial Institutes of the CBSL, in a special statement, yesterday said that, the Monetary Board of CBSL, having considered the critical financial conditions of ETIFL and the possible implications to the financial system, decided to permit and facilitate ETIFL to sell its holding of shares for a net amount of USD 75 MN.

“Having considered the request of the depositors, ETIFL has been instructed to pay urgently, 10 percent of deposit liabilities which amount to approximately Rs. 3,350 million and the accrued interests of Rs. 1,400 million (approximately) as at end May 2018 using the sales proceeds received. The payment will commence on 05.06.2018. Also, ETIFL has been instructed to pay a further 10 percent of deposit liabilities on receipt of the balance part of the sale proceeds.” the statement said.

Share on Google Plus

About Lankaimage lanka

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.