CBSL directs Kanrich Finance to settle its liabilities

 

The Central Bank of Sri Lanka (CBSL) has directed Kanrich Finance Limited (KFL) to settle its public liabilities in full, by the end of February 2023.

Accordingly, the Monetary Board of CBSL, as a measure to strengthen the Non-Bank Financial Institutions Sector under the ‘Masterplan for Consolidation’, decided to direct KFL to settle its public liabilities in full within 26 December 2022 and 28 February 2023, due to continuous capital deficiencies faced by KFL.

The aforesaid direction was issued in the best interest of depositors and promissory note holders of KFL, subsequent to securing measures to have adequate funds available for KFL to fully settle its public liabilities and further directing KFL to exit from the finance business after such settlement, CBSL noted in a statement.