President backs speedy resolution of ETI and TFC issues

Tuesday, 30 June 2020 00:50 - - {{hitsCtrl.values.hits}}

Calls on CB officials to discharge their duties swiftly
Wants joint committee of CB, Fin. Min. and depositors to monitor progress
Backs taking over assets of companies sans litigation to settle dues
Stern action against non-repayment of loans

President Gotabaya Rajapaksa yesterday advocated fresh measures be taken regarding repayments to depositors of ETI and The Finance Company (TFC) including establishing a committee to oversee redress and even takeover assets of the respective companies without litigation to settle dues. He also instructed Central Bank officials to fast-track payments under the depositor insurance scheme and settle as many delayed payments as possible.

President Rajapaksa further said that a committee representing the Presidential Secretariat, the Central Bank, the Treasury and the depositors should be established to monitor the future course of actions on this issue.

The President made these remarks during a meeting held at the Presidential Secretariat yesterday to review how the repayment process being carried out at the ETI Finance and TFC.

A Presidential Commission of Inquiry (PCoI) has been established to look into ETI Finance’s transactions. Measures taken by the Central Bank regarding these companies was discussed in detail.

Under the first phase, repayments will be made to the depositors of both companies with a deposit value of less than Rs. 600,000. The President emphasised that justice should be delivered to all other depositors too; even by seizing all properties owned by the two companies.

Central Bank Governor Prof. W.D. Lakshman stated that during the next Monetary Board meeting they will introduce measures to provide appropriate solutions to the complaints and grievances presented by the public after investigating them thoroughly.

In addition, the Governor assured that he will address shortcomings at the Central Bank which directly impact the general public and restore its dignity as an institution.

President Rajapaksa said that the assets of the ETI Investments and The Finance Company will be assessed and taken over without litigation and the money owed to the general public will be returned. President further added that stern action will be taken against persons who fail to repay their loans.

Secretary to the President P.B. Jayasundera, Ministry of Finance Secretary S.R. Attygalle and a group representing depositors in both finance institutes were present at the discussion.