CB appoints committee to probe irregularities in finance leasing businesses

A three-member committee has been appointed to inquire into illegal activities of finance leasing businesses and unauthorized finance bodies, says the President’s Media Division (PMD).

The committee is chaired by the Director General of Legal Affairs of the Presidential Secretariat, Attorney-at-Law Harigupta Rohanadeera.

Director of Legal and Compliance Department of CBSL K.G. Sirikumara, Director of Department of Supervision of non-Bank Financial Institutions of CBSL J.P. Gamlath will serve as the members of the said committee.

The panel is tasked with conducting an industry-wide study on issues related to unregulated operators in the finance business and finance leasing business and issues pertaining to unacceptable practices in the regulated establishments carrying out finance business and finance leasing business. They are also required to submit proposals on steps that can be introduced to manage the issues identified as aforesaid.

Directing a letter addressed to Mr. Rohanadeera on Tuesday (16), Central Bank Governor Deshamanya Prof. W.D. Lakshman had appealed to him to preside over this committee and to obtain the assistance of suitable professionals and industry experts in this regard.

The Central Bank Governor also called for a report on the matter within two weeks of time.

The Governor, in his letter, noted that certain unfortunate developments in the field of finance business and finance leasing business have caused a significant impact on the wellbeing of the society as well as the stability of the financial system.