The National Savings Bank (NSB) has taken over the operations of Entrust Securities PLC (ESP), on a directive of the Central Bank. This is to restore the investor confidence in Entrust and regularize its business operations.
Also, the Board of Entrust has been suspended with the appointment of the Board of NSB to act as the Board of Entrust until further notice.
Central Bank Governor Arjuna Mahendran said that on several occasions irregularities of the company including misappropriation of funds was brought to the notice of the Criminal Investigations Department as well as the CBSL.
"We contacted Entrust and last November gave them an ultimatum to present CBSL with a credible future restructuring business plan before 6 pm on Monday January 4, 2016." Mahendran said.Entrust was appointed as a licensed Primary Dealer by the Central Bank todeal exclusively in Government Treasury Bills and Treasury Bonds in April2000. Entrust Securities created history in the local debt market by being the first regulated Non Banking entity under the Public Debt Department of CBSL that got listed in the Colombo bourse. (IH)
www.dailynews.lk
Also, the Board of Entrust has been suspended with the appointment of the Board of NSB to act as the Board of Entrust until further notice.
Central Bank Governor Arjuna Mahendran said that on several occasions irregularities of the company including misappropriation of funds was brought to the notice of the Criminal Investigations Department as well as the CBSL.
"We contacted Entrust and last November gave them an ultimatum to present CBSL with a credible future restructuring business plan before 6 pm on Monday January 4, 2016." Mahendran said.Entrust was appointed as a licensed Primary Dealer by the Central Bank todeal exclusively in Government Treasury Bills and Treasury Bonds in April2000. Entrust Securities created history in the local debt market by being the first regulated Non Banking entity under the Public Debt Department of CBSL that got listed in the Colombo bourse. (IH)
www.dailynews.lk
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