The Hon. Shanakiyan Rajaputhiran Rasamanickam

¶ 01 “The Finance” Company: Liquidation and Compensation to Depositors

¶ 02 361/2024

¶ 03 asked the Minister of Finance, Planning and Economic Development:

¶ 04 (a) Will he state - (i) whether he is aware that the then State Minister in charge of the subject stated in Parliament on 10.02.2021 that the approval of the Cabinet had been sought to restructure ‘The Finance Company’; and (ii) the date on which the said approval was granted and the date on which a suitable investor was called for?

¶ 05 (b) Will he admit that - (i) the CBSL filed a case in the Commercial High Court on 15.02.2021 to liquidate the said institution; and (ii) it is inconsistent with the above statement?

¶ 06 (c) Will he also state - (i) the date on which the Sri Lanka Deposit Insurance and Liquidity Support Scheme pays Rs. 500,000 to each aggrieved depositor; (ii) whether the total amount due to the depositors can be paid using the money from the above fund; (iii) if not, what the reasons are; (iv) whether he is aware that in January 2019, the Central Bank allowed ‘The Finance Company’ to earn a sum exceeding Rs. 950 million under the Special Standing Deposit Facility Rate system - at a rate of one billion rupees per month - and subsequently, cancelled its licence; and (v) if so, the action that will be taken with regard to this?

¶ 07 (d) If not, why?