Business · Sri Lanka Bureau
Central Bank freezes assets of six companies in regulatory action
The Central Bank of Sri Lanka has imposed asset freezing orders on six companies and their directors, barring any disposal or transfer of their properties and holdings. The move follows action by the Department of Supervision of Non-Bank Financial Institutions.
LSN Sri Lanka ·
The Director of the Department of Supervision of Non-Bank Financial Institutions (DSNBFI) at the Central Bank of Sri Lanka has issued freezing orders against six companies and their respective directors, effective immediately.
The orders prohibit the companies and their directors from disposing of, transferring, or otherwise dealing with any properties and assets under their control. The regulatory action aims to protect financial interests and ensure compliance with supervision requirements governing non-bank financial institutions operating in Sri Lanka.
Asset freezing orders are typically issued when regulatory authorities identify potential violations of financial laws or when there are concerns regarding the management or disposition of assets held by financial entities. Such measures remain in force until further notice from the Central Bank or until conditions specified by the regulatory authority are satisfied.
The Central Bank's action underscores ongoing efforts to strengthen oversight of the non-bank financial sector in Sri Lanka and safeguard stakeholders' interests. Companies and individuals subject to such orders must comply with all restrictions or face potential legal consequences.