CB Governor calls for report on irregularities & illegal activities of finance & finance leasing business

In a letter addressed to Director General of Legal Affairs of the Presidential Secretariat, Attorney-at-Law Harigupta Rohanadeera, Central Bank Governor Deshamanya Prof. W.D. Lakshman has made a request for a report on the irregularities and illegal activities of the finance and finance leasing business. The Governor has requested  Mr. Rohanadeera to preside over a committee comprising of  Director of Legal and Compliance Department of CBSL K.G. Sirikumara, Director of Department of Supervision of Non-Bank Financial Institutions of CBSL J.P. Gamlath in order to inquire into the said report. The Governor further requested him to obtain the assistance of suitable professionals and industry experts in this regard. In his letter, the Governor said certain unfortunate developments in the field of finance business and finance leasing business have caused a significant impact on the wellbeing of the society as well as the stability of the financial system. He added that although a considerable amount of unacceptable practices are reported from the illegal operators in such businesses, it has become necessary to carry out an industry-wide study on following aspects:

  1. Issues related to unregulated operators in the finance business and finance leasing business
  2. Issues related to unacceptable practices in the regulated establishments carrying out finance business and finance leasing business
  3. To propose the steps that can be introduced to manage the issues identified as aforesaid.
The letter as follows;

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