July 9, 2020

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Committee to probe irregularities in finance & finance leasing business

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The Central Bank of Sri Lanka (CBSL) has appointed a three-member committee to inquire into and report on the irregularities and illegal activities of the finance and finance leasing business.

The committee is chaired by the Director General of Legal Affairs of the Presidential Secretariat, Attorney-at-Law Harigupta Rohanadeera.

In a letter addressed to Mr. Rohanadeera on Tuesday (16), Central Bank Governor Deshamanya Prof. W.D. Lakshman requested him to preside over the said committee and to obtain the assistance of suitable professionals and industry experts in this regard.

Members of the committee consist of Director of Legal and Compliance Department of CBSL K.G. Sirikumara, Director of Department of Supervision of Non-Bank Financial Institutions of CBSL J.P. Gamlath.

The Central Bank Governor also called for a report on the matter within two weeks of time.

In his letter, the Governor said certain unfortunate developments in the field of finance business and finance leasing business have caused a significant impact on the wellbeing of the society as well as the stability of the financial system.

He added that although a considerable amount of unacceptable practices are reported from the illegal operators in such businesses, it has become necessary to carry out an industry-wide study on following aspects:

  1. Issues related to unregulated operators in the finance business and finance leasing business
  2. Issues related to unacceptable practices in the regulated establishments carrying out finance business and finance leasing business
  3. To propose the steps that can be introduced to manage the issues identified as aforesaid.
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