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Bimputh Finance heading for liquidation

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Over Rs 2 bn so far paid to depositors

By Shamindra Ferdinando

Bimputh Finance PLC (BFP) suspended by the Central Bank in terms of Section 37 of the Finance Business Act No. 42 of 2011 is in the process of paying its depositors.

A senior official of the Department of Supervision of Non-Bank Financial Institutions told The Island that of the total liabilities pertaining to BFP depositors, approximately Rs 58 mn was yet to be paid. At the commencement of the process the BFP owed depositors as much as Rs 3 bn, the official said, adding that some of those yet to be compensated couldn’t be located.

However, some depositors have been fully paid and the remaining full amount could be paid through the same process, the official said.

Department of Supervision of Non-Bank Financial Institutions regulates and supervises Licensed Finance Companies (LFCs) and Specialised Leasing Companies (SLCs) in terms of the Finance Business Act of 42 of 2011 and the Finance Leasing Act No 56 of 2000.

The official said that on Sept 01, 2023 the Central Bank withdrew the license issued to BFP and made a public announcement regarding the payment of compensation to the remaining depositors. “All claims should be made within two years from Sept 1, 2023,” the spokesperson said.

Responding to another query, the official said that once the compensation payment process was brought to a successful conclusion, the Central Bank would move on to the next stage. That would be the appointment of a liquidator by a competent court after the Central brings the matter to the notice of the Attorney General, the official said.

Daya Gamage founded the BFP in late July 2007, a year before he successfully contested the election for the Eastern Provincial Council. During the Yahapalana (2015-2019) administration the UNP National Organizer Gamage served as Minister of Primary Industries.

The official said that regulatory authorities had no option but to direct BFP to begin compensation payments after consolidation attempts failed. Had the BFP been successful in its negotiations, its assets and liabilities could have been passed on to another party thereby avoiding the liquidation process.

The Island also raised the developments pertaining to loans acquired by BFC during the period of operations against the backdrop of the Committee on Public Enterprises (COPE) taking up a loan the failed company obtained from HDFC Bank during the Yahapalana administration.

Last Nov the COPE inquired about Rs 350 mn loan HDFC Bank had released to BFP on July 18, 2018. The COPE hadn’t inquired about this particular loan at least once prior to it as the HDFC was never summoned before COPE during the tenure of Sunil Handunetti and Charitha Hearath as Chairman of the watchdog committee.

According to parliamentary records, HDFC Bank appeared before COPE on Nov 04, 2014 before being called again in Nov 2023 by Prof. Rajith Bandara.

The Director, Resolution and Enforcement Department has assured depositors of BPF that they would be compensated in line with the provisions of the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS) Regulation No 02 of 2021.



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Royal Navy of Oman Vessel “SADH” arrives at Port of Colombo

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The Royal Navy of Oman Vessel “SADH” arrived at the Port of Colombo on a logistics replenishment visit on Tuesday  (10 Feb 26). The Sri Lanka Navy welcomed the visiting ship in
compliance with naval traditions.

The 75m – long ship is commanded by Lieutenant Commander Shaheen Saud Abdul Rahman AI Balushi.

The port call will facilitate professional interaction and goodwill exchanges between the two navies.

During the stay in Colombo, crew members of the ship are expected to visit some tourist attractions in the city of Colombo.

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NPP: Speaker won’t step down, CIABOC can investigate him

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Nihal

* New Auditor General should not have been sworn in before Speaker – Opp.

* Suspended House Dy. Sec. Gen. Chaminda Kularatne takes his case to CA today

General Secretary of the National People’s Power (NPP) Dr. Nihal Abeysinghe yesterday said that there was no need for Speaker Dr. Jagath Wickramaratne to step down in view of the complaint lodged against him with the CIABOC (Commission to Investigate Allegations of Bribery or Corruption).

NPP General Secretary said so in response to The Island query whether the parliamentary group of the ruling party discussed the growing Opposition calls for the Speaker, who is also the Chairman of the Constitutional Council, to step down to facilitate the investigation.

The NPP parliamentary group consists of 159 MPs, including 18 National List (NL) members.

NL member Dr. Abeysinghe asked whether any other person, who had been investigated by the CIABOC, stepped down from his or her position to facilitate the inquiry.

The top official emphasised that the CIABOC could go ahead with its investigation without any hindrance.

Chamindra and Dr. Jagath

Opposition sources said that there hadn’t been a similar situation before and the CIABOC investigation into Speaker Dr. Wickramaratne is unprecedented as he heads the 10-member CC responsible and directly involved in all key appointments, including that of members to the CIABOC.

Sources pointed out that the newly appointed Auditor General, Ms. Samudrika Jayaratne, took the oath of secrecy before the Speaker on 5 February in Parliament after suspended Deputy General Secretary of Parliament Chaminda Kularatne complained to CIABOC.

In accordance with Section 9 of the National Audit Act, No. 19 of 2018, Jayaratne took the oath of secrecy in her capacity as the Auditor General of the National Audit Office and Chairperson of the Audit Service Commission.

Sources said that Kularatne would move the Court of Appeal today (10) against his removal at the behest of the Staff Advisory Committee, headed by the Speaker.

By Shamindra Ferdinando

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Trinco Buddha statue case: All suspects, including 4 monks re-remanded till 11 Feb.

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One of the monks being brought to the Magistrate’s Court

The Trincomalee Magistrate’s Court yesterday (09) further remanded 10 persons, including four Buddhist monks, arrested on 19 January, 2026, for allegedly placing a Buddha statue in the coastal reservation, on 16 January.

The Buddhist monks, including Ven. Balangoda Kassapa Thera, and six other individuals, were further remanded until 11 February.

They have been accused of violating the Coast Conservation Act by placing a Buddha statue on a block of land belonging to the Trincomalee Bodhiraja Temple.

Of the four monks, Ven Balangoda Kassapa Thera and Ven Trincomalee Kalyanawansa Tissa Thera moved the Court of Appeal against the Magistrate’s Court decision. The case was heard on 22 January before a Bench comprising the President of the Court of Appeal, Justice Rohantha Abeysuriya, and Justice K. Priyantha Fernando.

Manohara de Silva, PC, and President’s Counsel Uditha Igalahewa, PC, appearing for the petitioners, urged the Court to take up the matter urgently, describing it as a case of exceptional importance.

However, the Court of Appeal on 3 February dismissed the petitions against the remanding of Ven Balangoda Kassapa Thera and Ven Trincomalee Kalyanawansa Tissa Thera.

The order was issued by the Court of Appeal bench consisting of the President of the Court of Appeal, Justice Rohantha Abesuriya and Justice Priyantha Fernando.

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