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| Sunday, 27 July 2003 |
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| News Business Features Editorial
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CB agrees to bare Pramuka assets The Central Bank at a meeting with the Stakeholders Association and Employees Union of the Pramuka Savings and Development Bank (PSDB) has agreed to provide the financial information to speed up the restructuring process. K.C. Vignarajah the chairman nominated by the Association said they had asked for financial information including the schedule of depositors, borrowers as well as the classification of loans. "When we have the information, we will be in a better position to negotiate with an investor and present the proposals for restructuring as the chances for restructuring will be very thin with the passage of time," he explained. The Bank had 160 employees and 15,000 account holders. The operations of the five-year old PSDB were suspended on October 25 by the Central Bank which decided to wind-up the business and cancel the licence of PSDB on December 19. The Court of Appeal removed the cancellation of the licence of PSDB by the Monetary Board of the Central Bank. The court ruled that it was dissatisfied with the manner in which the Monetary Board had arrived at the decision and directed the CBSL to take alternative measures available in terms of the banking act to safeguard the interests of the depositors. (SG) |
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