Central bank liquidate five failed finance companies

Central Bank of Sri Lanka (CBSL) has made this decision based on the recommendations given by Advisory Committee for the Revival of Failed Licensed Finance Companies made recommendations. CBSL appointed this committee to make their recommendations in respect of the failed five finance companies.
The Monetary Board of the Central Bank of Sri Lanka (Monetary Board) established the Advisory Committee for Revival of Failed Finance Companies (Committee) in October 2021 to investigate potential revival options for five (5) failed finance companies, namely Central Investments & Finance Ltd., ETI Finance Ltd., TKS Finance Ltd., The Finance Company PLC, and The Standard Credit Finance Ltd, whose licenses have been cancelled or suspended. The Monetary Board has charged the Committee with recommending possible revival options or liquidation for the aforementioned five failed finance companies if such revival options do not appear feasible.