News
The Finance Company depositors eligible to be paid Rs 500,000 each more
By Saman Indrajith
State Minister Money, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal told Parliament, yesterday, that the depositors of the failed the Finance Company (TFC) would be paid Rs. 500,000 each from the liquidity fund in addition to the Rs. 600,000 they had been paid under the Sri Lanka Deposit Insurance and Liquidity Support Scheme.
The Minister said so responding to a question raised by Opposition Leader Sajith Premadasa, who demanded to know from the government what measures had been taken to assist the aggrieved depositors of failed finance companies in the country, including TFC.
The Minister said that around Rs. 12 billion would be utilised to pay the depositors from the fund which currently stood at Rs. 60 billion. The decision on the additional payment had been made on a directive from Prime Minister Mahinda Rajapaksa, Parliament was told.
“We started the liquidity fund in 2010 with Rs. 1.1 billion when I was the Governor of the Central Bank and current Prime Minister Mahinda Rajapaksa was the President. Both the President and the Prime Minister have decided that the depositors of The Finance Company be paid Rs. 500,000 each more from this fund. It will be done soon with the approval of the Monetary Board and in consultation with the Central Bank.”
TFC had approximately 147,000 depositors at the time its licence was cancelled in May last year, but those whose deposits were Rs. 600,000 or less were paid the full amount.
Minister Cabraal said that a Cabinet paper had already been submitted for the restructuring of TFC and once it was approved, steps would be taken to find an investor for the company and settle all default payments to the depositors.
“A Cabinet paper has been submitted and depending on the decision of the Cabinet, we will move forward with the restructuring,” the Minister said.
He said that in addition to TFC, six other finance companies had collapsed, all during the previous administration.
“Before 2015, we took several measures to safeguard the sector. In 2010, we started the Deposit Insurance Fund and we also started the financial sector consolidation programme, under which we reduced the number of finance companies from 58 to 20 and strengthened the sector. Unfortunately, after 2015, that programme was shelved and the sector began facing numerous problems from then onwards.”
He said that the government’s priority was to safeguard the interests of the depositors and the decision to pay an additional Rs. 500,000 showed the commitment to them.
Minister Cabraal said that the Central Bank had cancelled the licence of TFC from May 22 after all efforts to revive the company through different strategie had failed.
Japan Maritime Self-Defence Force (JMSDF) MURASAME arrived at the Port of Colombo on a replenishment visit this morning (22 Mar 25).
The visiting ship was welcomed by the Sri Lanka Navy in compliance with naval traditions.
JMSDF MURASAME is a 151m long Destroyer commanded by Commander HAYAKAWA Masahiro. Meanwhile, she is manned by a crew of 200.
During her stay in Colombo, crew members of the ship are expected to visit some tourist attractions in the city of Colombo and the ship is scheduled to depart the island on 25 Mar 25.
It has been reported that two persons riding a motorcycle were killed in a shooting incident that took place around 11.45pm on Friday [21] night , in front of the southern entrance of the Devundara Sri Vishnu Devalaya, on Sinhasana Road.
The unidentified gunmen, who arrived in a van, opened fire using a T-56 assault rifle and 9 mm firearms before fleeing the scene. The police have recovered 39 T-56 bullet casings, two T-56 rounds of live ammunition, a T-56 magazine, three 9 mm bullet casings, and one 9mm live ammunition.
The van suspected to have been used by the shooters was found abandoned and set on fire on a side road about 800 meters from the crime scene.
The two deceased victims have been identified as Tikira Hennedige Yomesh Nadishan and Marakkala Manage Pasidu Tharuka, both residents of Sinhasana Road, Devinuwara.
Matale Dirstrict SJB MP Rohini Kumari Wijerathna yesterday tabled a list in Parliament naming 1,300 members, leaders, trade unionists, and activists of the UNP, who were allegedly assassinated by the JVP. The list was submitted during a parliamentary session as part of the government’s ongoing effort to document victims of political violence.
Along with the names of the victims, MP Wijerathna also introduced over 900 family members of the alleged victims, providing further context to the extent of the violence.
Speaking during the session, MP Wijerathna stated, “Child soldiers were recruited by the JVP even before the LTTE. ‘Kantale Bonikki,’ a 13-year-old child was used to murder a 70-year-old female UNP supporter.” She accused the JVP of using children to kill numerous UNP members during the JVP’s second insurgency.
The MP said that names not included in the current list would be submitted during the upcoming “Batalanda Debate” in April.
MP Wijerathna invited the public, via her Facebook page to submit further details on family members affected by political violence to ensure their inclusion in the extended record.
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