COLOMBO, Sri Lanka – September 24, 2026 – The Central Bank of Sri Lanka (CBSL) has intensified its regulatory oversight on unauthorized financial operations, announcing the issuance of freezing orders under the provisions of the Finance Business Act, No. 42 of 2011. These critical directives, initially issued by the Director of the Department of Supervision of Non-Bank Financial Institutions, CBSL, on September 22, 2026, have since been affirmed and extended by the Colombo High Court.
The freezing orders target specific companies and their directors, preventing them from alienating, transferring, or otherwise dealing with all properties and other assets held by them. This decisive action is taken under Section 44 of the Finance Business Act (FBA), aiming to safeguard public interests and maintain stability within the financial sector.
Companies Under Freezing Orders
The following entities have been identified and are currently subject to these freezing orders:
- K Sakala Green Plantations (Private) Limited
- Ceylon Green Leaf Plantations (Private) Limited
(Note: Investigations regarding these two companies are currently underway under Section 42 of the Finance Business Act.)
- Singhe Capital Investment Limited
- Pro Shop Advertising Holdings (Private) Limited
- Athens International Education Centre (Private) Limited
- Iyon Lanka Investment and Film Production International Company (Private) Limited
(Note: The Central Bank has previously determined that these companies have conducted finance business and/or accepted deposits in contravention of Section 2 of the Finance Business Act.)
CBSL Issues Strong Public Advisory
In light of these actions, the CBSL has issued a stern warning and advisory to the general public. It strongly urges individuals to deposit their money only with institutions legally authorized to accept deposits. Failure to do so could result in the ultimate loss of their hard-earned savings.
The Central Bank reiterates that only institutions licensed by the CBSL under the Banking Act No. 30 of 1988 or the Finance Business Act, or those specifically exempted from the provisions of these Acts, are permitted to accept deposits from the public.
Ongoing Investigations and Call for Public Assistance
The CBSL is currently conducting investigations into several companies and individuals based on complaints received, to ascertain whether they are conducting finance business and/or accepting deposits from the public in contravention of the FBA. The Central Bank appeals to the public to report any institutions or individuals who appear to be accepting deposits in violation of the FBA provisions.
This proactive stance by the CBSL underscores its commitment to strengthening regulatory enforcement and protecting the financial interests of Sri Lankan citizens against illicit financial schemes.
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