CBSL freezes assets of six companies under Finance Business Act

The Central Bank of Sri Lanka (CBSL) has enacted stringent regulatory measures by freezing the assets and properties belonging to six private firms as well as their board members pursuant to powers vested under Section 44 of the Finance Business Act, No. 42 of 2011.

Under the issued directives, the targeted entities and individuals are legally prohibited from liquidating, transferring, mortgaging, or dealing in any manner with assets registered in their names or held under beneficial ownership. Commercial banks and financial intermediaries have been notified to block corresponding transactions.

The CBSL's Department of Supervision of Non-Bank Financial Institutions initiated the action following probes into suspect pyramid schemes, unauthorized public deposits, and non-compliant credit programs that violated statutory financial regulations.

Regulators emphasized their commitment to safeguarding public savings, urging citizens to refrain from engaging in speculative schemes with unaccredited financial platforms and to verify institutional registration via the official Central Bank registry.