State Finance Minister Shehan Semasinghe stated in Parliament yesterday that the letter of liquidation has been issued for the dissolution of “The Finance Company PLC (TFC) and the government will intervene to expedite the whole process and speed up the paying of compensation to all insured depositors.
He said the government wants to solve this issue quickly and the best that can be done for the sake of justice for the depositors is to liquidate the institution.
He said this in response to a question raised by MP Shanakiyan Rasamanickam regarding the dissolution of The Finance Company PLC (TFC) and the problems faced by the depositors. He further stated that the Central Bank of Sri Lanka has taken the decision to liquidate “The Finance Company PLC (TFC), due to the failure of all the measures taken to restructure it. He said that liquidation was the only course of action that could be taken to maximise the compensations for depositors during the liquidation process to prevent further loss of this institution.
The Colombo High Court has issued the liquidation letter. The government is trying to speed up those activities.The government needs to solve this problem as soon as possible.
