24 May, 2020
The Monetary Board of the Central Bank has decided to cancel the finance business licence issued to The Finance Company (TFC), in terms of the FBA with effect from May 22 as all efforts made to revive the company through different strategies have failed and the continuity of current status will be further detrimental to the interest of the depositors and other stake holders of the company, a media release by the Central Bank stated.
Accordingly, TFC is not permitted to engage in Finance Business under the FBA with effect from such date. The CBSL has also decided to cancel the Certificate of Registration of TFC as a Registered Finance Leasing Establishment.