Central Bank suspends business of Swarnamahal Financial Services and ETI

The Central Bank of Sri Lanka has suspended the business activities of Swarnamahal Financial Services PLC and ETI Investments Ltd.

The business activities of Swarnamahal Financial Services PLC and ETI Investments Ltd have been suspended with immediate effect.

A Presidential Commission of Inquiry is currently investigating irregularities concerning ETI Finance.

The commission has been mandated to investigate wrongdoing, irregularities and malpractice concerning ETI Finance Ltd. 

The Committee informed President Gotabaya Rajapaksa last month that ETI Investments had not followed the proper procedures in their conduct from its inception.

It had invested its assets in other institutes and at the same time, it had not been supervised by the Central Bank, the Committee pointed out. (Colombo Gazette)

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