BIZ

CBSL cancels license of Bimputh Finance PLC

Published

2 years ago

September 1, 2023

editor

The Central Bank of Sri Lanka has announced that the licence issued to Bimputh Finance PLC under the Finance Business Act to carry on finance business, has been cancelled with effect from today (Sep. 01).

The CBSL made this announcement as follows :

Bimputh Finance PLC-Cancellation of Licence issued under the Finance Business Act, No. 42 of 2011

Bimputh Finance PLC (BFP), a Licensed Finance Company under the Finance Business Act, No. 42 of 2011 (FBA) has continuously been violating/contravening provisions of the FBA, several general Directions and Rules that have been issued with the view to achieve the overall objective of financial system stability and also specific directions issued to BFP in order to address the critical financial position of the company. Consequently, the financial condition of BFP had been deteriorating due to deficient capital level, poor asset quality and continuous losses.

Despite several time extensions granted to BFP by the Monetary Board of the Central Bank of Sri Lanka (Monetary Board) to comply with the provisions of the FBA, Directions and Rules issued thereunder and adhere to the Masterplan for Consolidation of Non-Bank Financial Institutions (the Masterplan), no satisfactory progress has been made by BFP to revive the critical condition faced by BFP.

In view of the above, the Monetary Board has decided to cancel the licence issued to BFP under the FBA to carry on finance business, with effect from 01.09.2023. Accordingly, BFP is not allowed to engage in Finance Business with effect from same date.

Largely complying with the Monetary Board directions issued, BFP managed to repay major portion of its deposit liabilities during 2022 and Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS) will initiate necessary actions to pay compensation to the unclaimed depositors of BFP, up to a maximum of Rs. 1,100,000/- per depositor as per the regulations of the SLDILSS. Accordingly, all eligible depositors of BFP will be able to recover their deposits in full through SLDILSS upon submitting due claims within two years from the date of cancellation of licence or before the appointment of the liquidator by competent court, whichever occurs earlier as per the regulation of SLDILSS.

Further, all debtors of BFP are advised to repay their dues to BFP on time, only through a bank account under the name of BFP and maintain records for all such payments.

You may contact the Department of Supervision of Non-Bank Financial Institutions through the following for further clarifications.

Telephone : 0112 477229, 0112 477504
Fax : 0112 477 738
E mail : [email protected]

BIZ

CAA announces prices for 22 essential food Items

Published

2 days ago

March 15, 2025

editor

The Consumer Affairs Authority has released the estimated price ranges for 22 essential food items. These prices will remain valid until the 16th.

Scan 12 Mar 25 · 10·51·25 Download

BIZ

Nearly Rs. 05 mn. stolen onboard FitsAir flight!

Published

2 days ago

March 14, 2025

editor

Katunayake police have received a complaint over a sum of nearly Rs. 05 million being stolen from hand luggages of several passengers travelling from Sri Lanka to Dubai on a FitsAir flight.

The robbed passengers had included several doctors who were travelling to a medical conference in Dubai.

The loss of the cash, including 15,000 US Dollars and 6,000 Dirhams, had been only discovered after the passengers had disembarked the flight.

Upon complaining to the Dubai police, they were told to lodge complaints with the Bandaranaike International Airport in Katunayake and with the Sri Lanka Police. However, the robber remains at large.

It is said that the flight lacked CCTV cameras and the airline is also attempting to evade the matter despite the victims also complaining to the company office.

However, a day after the incident, a foreigner travelling from Dubai to Colombo was arrested over another inflight theft and according to media reports, the said suspect is said to have travelled in the aforementioned FitsAir flight to Dubai.

When the ‘Lankadeepa’ newspaper made an inquiry from the airline in this regard, they were told that the company cannot comment to the media.

Aberdeen Holdings, which owns FitsAir, is chaired by Sattar Kassim.

BIZ

MRP on rice remains unchanged – CAA

Published

3 days ago

March 13, 2025

editor

The Consumer Affairs Authority (CAA) today (March 13) announced that the Maximum Retail Prices of rice remain unchanged.

The CAA notes that reports have emerged of certain rice mill owners and wholesalers attempting to sell rice at higher prices by misleading retailers into believing that the CAA’s regulated prices have changed, leading to queries whether it is so.

Therefore the MRP remains unchanged and are as below :
Raw red rice – Rs. 220 per kg
Nadu rice – Rs. 230 per kg
Samba rice – Rs. 240 per kg
Keeri Samba rice – Rs. 260 per kg

The CAA further emphasizes that continuous raids and investigations will be conducted islandwide to strictly enforce these price regulations and take legal action against any violators.