Govt. to dissolve company tasked with setting up International Financial City

Cabinet on Wednesday gave approval to dissolve C.F.C. Founding, a limited liability company which was set up with the objective of establishing and maintaining the International Financial City as a part of the Colombo Port City Project.

The decision to dissolve the company was taken after a committee of experts appointed to analyse the present project portfolio recommended that the company was no longer needed.

Accordingly, Cabinet approved the proposal presented by Prime Minister Mahinda Rajapaksa, in his capacity as Minister of Finance, Economy and Policy Development, to dissolve the company in accordance with Section 319 (b) of the Companies Act No. 07 of 2007 and to authorise the Secretary to the Treasury to carry out other related activities.