TFC get new Board of Directors

The Monetary Board will implement the second phase of restructuring The Finance Company (TFC), to stabilise the company further, and move it to a profitable level.

In terms of the provisions of the Finance Business Act No. 42 of 2011, the Monetary Board has reconstituted the Board of Directors of The Finance Company by appointing several new Directors, and has also issued directions for the future conduct of the business under a new restructuring plan.

The Monetary Board will provide a long-term facility from the Sri Lanka Deposit Insurance and Liquidity Support Scheme with immediate effect, to support the liquidity needs of the company in keeping with the envisaged business model.

TFC would then be in a position to attract a suitable strategic investor in accordance with the consolidation program of the CBSL for the financial sector.

Chairman and Non-Executive Director M P Jayawardena and Non-Executive Director Ms. C Rosa had indicated that they would not be available for re-appointment.