Colombo, 22 September 2026 – The Central Bank of Sri Lanka (CBSL) has announced the issuance of freezing orders against six companies and their respective directors, prohibiting them from disposing of, transferring, or otherwise dealing with their assets. These significant actions, taken under the provisions of the Finance Business Act, No. 42 of 2011 (FBA), underscore the CBSL’s ongoing commitment to safeguarding public deposits and ensuring the integrity of the nation’s financial system.
Regulatory Action and High Court Confirmation
The freezing orders were initially issued by the Director of the Department of Supervision of Non-Bank Financial Institutions (DSNBFI) of the CBSL, in terms of section 44 of the FBA. Subsequently, the High Court of Colombo has confirmed and extended these orders, lending judicial weight to the regulatory measures. This dual layer of enforcement highlights the serious nature of the alleged contraventions and the coordinated effort to protect potential victims.
The primary aim of these orders is to prevent the dissipation of assets that may have been acquired through illicit financial activities, thereby preserving them for potential future redress for affected depositors or creditors.
Companies Under Scrutiny
The CBSL notice clearly distinguishes between companies where investigations are ongoing and those where it has already been determined that finance business was conducted or deposits accepted in contravention of the FBA. The companies subject to these freezing orders are:
- Under Investigation (Section 42 of FBA):
- Kasagala Green Plantation (Private) Limited
- Ceylon Green Life Plantation (Private) Limited
- Determined to have carried on finance business and/or accepted deposits in contravention of Section 2 of the FBA:
- Singhe Capital Investment Limited
- Pro Shop Advertising Holdings (Private) Limited
- Athens International Education Centre (Private) Limited
- Eyon Lanka Investment & Film Production International Company (Private) Limited
These determinations by the CBSL indicate serious breaches of financial regulations, particularly concerning unauthorized deposit-taking activities that pose significant risks to public funds.
Strong Public Advisory and Investor Protection
In light of these actions, the CBSL has reiterated its strong advice to the general public to exercise extreme caution and diligence when choosing where to deposit their money. The Central Bank emphasizes that funds should only be deposited in institutions that are legally authorized to accept them. Failure to adhere to this advice, the CBSL warns, may result in the irreversible loss of hard-earned money.
Furthermore, the CBSL explicitly states that only institutions licensed under the Banking Act, No. 30 of 1988, or the Finance Business Act, or those specifically exempted from these statutes, are permitted to accept deposits from the public. This serves as a crucial reminder of the regulatory framework designed to protect investors.
Ongoing Investigations and Call for Public Support
The CBSL is not only addressing the named entities but is also actively conducting investigations into several other institutions and individuals based on complaints received. These investigations aim to ascertain whether these entities have engaged in or are currently engaging in unauthorized finance business and/or accepting illegal deposits, in contravention of the FBA.
The Central Bank encourages the general public to actively participate in safeguarding the financial system by reporting any institutions or individuals that appear to be accepting deposits in contravention of the provisions of the FBA. Public vigilance and cooperation are critical in identifying and curbing illegal financial operations.
These robust measures by the CBSL underline its commitment to maintaining financial stability and protecting the interests of the public against illegal deposit-taking schemes, which can have devastating consequences for individuals and the broader economy.
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