The Central Bank of Sri Lanka has announced that the finance business license of Nation Lanka Finance PLC has been cancelled with effect from yesterday (July 03) due to continuous violation of the provisions of the Finance Business Act.
Accordingly, the Central Bank has announced that it will proceed with the liquidation of the company in accordance with the provisions of the Banking Act.
The Central Bank states that it had previously focused on various structural options to resolve the financial crisis faced by the company, and under that, steps were taken to attract potential investors and issue open invitations to interested parties from established commercial banks or finance companies.
However, with those efforts failing, the Central Bank stated that it initiated special resolution proceedings against Nation Lanka Finance Company from 04 July 2025.
Accordingly, the Central Bank took steps to appoint P.W.D.N.R. Rodrigue as the Administrator to take full control of all the assets, operations and business activities of the company and to conduct business activities on behalf of the company.
Accordingly, the process of paying compensation to the insured depositors of the company up to a maximum of Rs. 1,100,000 will be initiated through the Sri Lanka Deposit Insurance Scheme (SLDIRS).
