CBSL Freezes Assets of Six Companies Including Kasagala Green Plantation

The Central Bank of Sri Lanka (CBSL) has issued orders prohibiting six companies, including Kasagala Green Plantation (Private) Limited, and their directors from disposing of, transferring or otherwise dealing with their properties and other assets.

In a statement issued yesterday (22), the CBSL said the orders had been issued under Section 44 of the Finance Business Act, No. 42 of 2011.

The Colombo High Court subsequently confirmed and extended the prohibition orders.

The six companies subject to the orders are 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.

The CBSL said investigations into Kasagala Green Plantation and Ceylon Green Life Plantation are currently underway under Section 42 of the Finance Business Act.

Meanwhile, the Central Bank said it had already determined that the other four companies had either carried on finance business or accepted deposits from the public in contravention of the Finance Business Act.

The CBSL urged the public to place deposits only with institutions legally authorised to accept them.

It further said investigations are underway into several other institutions and individuals following complaints that they had allegedly conducted finance business or accepted deposits from the public without legal authorisation.