The Standard Credit Finance Limited (TSCFL), a Licensed Finance Company of the Ceylinco Group has been successfully resuscitated by the management of Entrust group.
The Standard Credit Finance Limited formerly known as Ceylinco Investments and Realty Ltd was one of the distressed regulated Finance Companies under the management of the Ceylinco Group.
During the crisis period as decided by the Central Bank of Sri Lanka (CBSL) the Company's management was initially handed over to Lankaputhra Development Bank, who was appointed as the Managing Agent by the Monetary Board in March 2009 to manage the affairs of the company.
Subsequently Merchant Bank of Sri Lanka took over as the Managing Agent in September 2009 and in 2010, the Company under went another name change as it was re-named as Standard Credit Lanka Limited.
Entrust group which is also an aggrieved creditor had initially advanced Rs 384 million to TSCFL prior to the crisis period and in the process of recovering its dues the Monetary Board of the Central Bank of Sri Lanka upon accepting the submitted restructuring plan invited Entrust Limited to sign a Memorandum of Understanding with TSCFL. Since April 1, 2011 this collaboration has enabled the two companies to formulate and implement the proposed plan in order to safeguard the interest of the distressed depositors.
A spokesperson for the group said that based on the ongoing financial sector consolidation program and to comply with the Directions issued by the Monetary Board, Entrust group was required to infuse additional capital amounting to Rs 2.5 bn to TSCFL and this process was successfully concluded.
www.dailynews.lk
The Standard Credit Finance Limited formerly known as Ceylinco Investments and Realty Ltd was one of the distressed regulated Finance Companies under the management of the Ceylinco Group.
During the crisis period as decided by the Central Bank of Sri Lanka (CBSL) the Company's management was initially handed over to Lankaputhra Development Bank, who was appointed as the Managing Agent by the Monetary Board in March 2009 to manage the affairs of the company.
Subsequently Merchant Bank of Sri Lanka took over as the Managing Agent in September 2009 and in 2010, the Company under went another name change as it was re-named as Standard Credit Lanka Limited.
Entrust group which is also an aggrieved creditor had initially advanced Rs 384 million to TSCFL prior to the crisis period and in the process of recovering its dues the Monetary Board of the Central Bank of Sri Lanka upon accepting the submitted restructuring plan invited Entrust Limited to sign a Memorandum of Understanding with TSCFL. Since April 1, 2011 this collaboration has enabled the two companies to formulate and implement the proposed plan in order to safeguard the interest of the distressed depositors.
A spokesperson for the group said that based on the ongoing financial sector consolidation program and to comply with the Directions issued by the Monetary Board, Entrust group was required to infuse additional capital amounting to Rs 2.5 bn to TSCFL and this process was successfully concluded.
www.dailynews.lk
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