Freezing Orders under the provisions of the Finance Business Act, No. 42 of 2011

In terms of section 44 of the Finance Business Act, No. 42 of 2011 (FBA), the Director of the Department of Supervision of Non-Bank Financial Institutions (Director of DSNBFI) of the Central Bank of Sri Lanka (CBSL) has issued orders to the following companies and its directors preventing the disposal, transfer, or otherwise dealing with all properties and other assets held by such companies and the directors thereof. The High Court of Colombo, subsequently, has confirmed and extended such freezing orders in respect of the companies listed in Table 1, below. Table 1: List of companies where freezing orders are currently in effect  Note: * Investigations are currently being conducted under section 42 of the FBA. ** CBSL has already determined that these companies have carried on finance business and/or have accepted deposits in contravention of the provisions of section 2 of the FBA. General public is strongly advised to deposit their money only in legally authorized institutions since failure to do so may eventually result in losing their hard-earned money. CBSL also wishes to inform the public that only institutions who have been licensed by CBSL under the Banking Act, No....