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Sri Lanka
10th Parliament· 154 sittings on record · 30,475 speeches · latest 10 June 2026

Sitting of Tuesday, 5 May 2026

10th Parliament· 18 debates· 352 speeches· 107 speakers

Source: Hansard PDF (parliament.lk) ↗ ·No. 23546 ·English daily/uncorrected Hansard

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Order of business

Speeches load per item. Summaries shown here are AI-generated and labelled; verbatim text is on each speech page.

  6. 6 Oral question Oral Question Q.2 (361/2024): The Finance Company - Liquidation and Compensation to Depositors 6 speeches
    • The Hon. Shanakiyan Rajaputhiran Rasamanickam ITAK

      AI summary Hon. Shanakiyan Rajaputhiran Rasamanickam questioned the Minister of Finance on the handling of “The Finance Company” liquidation and compensation to depositors. He asked for details on Cabinet approval and investor calls for the proposed restructuring, queried the consistency of that process with the Central Bank’s Commercial High Court liquidation filing on 15 February 2021, and sought information on payments under the Sri Lanka Deposit Insurance and Liquidity Support Scheme. He also asked whether the deposit insurance fund could cover all dues, why not if insufficient, and what action would be taken regarding claims that the Central Bank allowed the company to earn over Rs. 950 million through the Special Standing Deposit Facility before cancelling its licence.

      Justice & Human RightsPublic Finance Full speech →
    • Hon. (Dr.) Anil Jayantha JJB

      AI summary Hon. (Dr.) Anil Jayantha answered on behalf of the Minister of Finance, stating that a Cabinet Memorandum on The Finance Company PLC submitted by Hon. Ajith Nivard Cabraal was later withdrawn and therefore no Cabinet decision on restructuring was taken. He said the Central Bank had provided opportunities from 2019 to identify an investor, but after those efforts failed the licence was cancelled in May 2020 and liquidation proceedings were filed in the Colombo Commercial High Court in February 2021. He detailed payments under the Sri Lanka Deposit Insurance Scheme, noting that Rs. 12.96 billion had been paid to 36,479 depositors up to 21 May 2024, with compensation limited by law to Rs. 1.1 million per eligible depositor, or Rs. 1.2 million where applicable under later provisions.

      Justice & Human RightsPublic Finance Full speech →
    • The Hon. Shanakiyan Rajaputhiran Rasamanickam ITAK

      AI summary Hon. Shanakiyan Rajaputhiran Rasamanickam raised concerns about the collapse of The Finance Company, alleging that despite assets exceeding liabilities when the Central Bank intervened in 2008, subsequent actions led to insolvency and losses for depositors. He questioned the mobilization of nearly Rs. 950 million in new deposits before the licence cancellation in 2019, alleged possible misuse of company funds and assets, and argued that insurance payouts did not amount to full repayment of depositors’ money. He requested the Government to intervene beyond the existing liquidation process, appoint a commission or new committee, and provide relief and justice to affected depositors.

      Justice & Human RightsPublic FinanceCorruption & Governance Reform Full speech →
    • Hon. (Dr.) Anil Jayantha JJB

      AI summary Hon. (Dr.) Anil Jayantha stated that the matters raised by the Member would be examined to determine any further action. He said the Rs. 950 million mobilization and subsequent permissions were undertaken within the legal and regulatory framework then in force, including in the context of requests to revive the entity after a licence cancellation notice. He added that further fund-raising was not permitted after licence cancellation and that, during liquidation, employee and depositor payments were made according to preferential payment orders.

      Justice & Human RightsPublic Finance Full speech →
    • The Hon. Shanakiyan Rajaputhiran Rasamanickam ITAK

      AI summary Hon. Shanakiyan Rajaputhiran Rasamanickam raised concerns about unregistered entities, including purported plantation schemes, collecting public deposits by promising high interest without Central Bank approval. Referring to the reported theft of USD 2.5 million from the Central Bank and unsatisfactory responses before the Committee on Public Finance, he asked who would be responsible for future safeguards and what measures the Finance Ministry would propose. He specifically sought clarification on internal audit, IT audit and risk assessment mechanisms within the Central Bank, and on government systems to identify and act against unregistered deposit-taking entities to protect the public.

      Security & DefenceJustice & Human RightsPublic Finance Full speech →
    • Hon. (Dr.) Anil Jayantha JJB

      AI summary Hon. (Dr.) Anil Jayantha stated that the Central Bank has separate investigative units for banking and non-bank financial activities, but microfinance providers currently operate under varied registration statuses or outside existing legal frameworks. He said the newly established Microfinance Regulatory Authority will bring all non-bank microfinance activities under oversight, enabling supervision and intervention.

      Public FinanceCorruption & Governance Reform Full speech →