Central Bank of Sri Lanka freezes assets of six companies

The Central Bank of Sri Lanka (CBSL) has issued freezing orders against six companies and their directors, preventing them from transferring, selling, or disposing of any properties or financial assets. The orders were issued under Section 44 of the Finance Business Act No. 42 of 2011 and have been confirmed and extended by the Colombo High Court.

The affected entities include Kasagala Green Plantation (Private) Limited, Ceylon Green Life Plantation (Private) Limited, Singhe Capital Investment Limited, Pro Shop Advertising Holdings (Private) Limited, Athens International Education Centre (Private) Limited, and Eyon Lanka Investment & Film Production International Company (Private) Limited.

Investigations are currently being conducted into Kasagala Green Plantation and Ceylon Green Life Plantation under Section 42 of the Finance Business Act. The CBSL determined that the remaining four companies were conducting finance business or accepting deposits in violation of the Act. The regulator has warned the public to only deposit funds with licensed institutions and noted that investigations into other unauthorized finance businesses are ongoing.