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Koshiba to lock horns with CBSL?

Published on Saturday, 26 July 2014 13:41
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Ajith kosiba 410px 26-07-14The Koshiba group has decided to continue their business activities under the Consumer Credit Act No. 29 of 1982 despite the Central Bank of Sri Lanka (CBSL) deciding to cancel their leasing license.

In a public notice on print media, CEO of Koshiba Credit and Koshiba Investments has informed the company decision.

However, the CBSL has stated that providing leasing facilities at the company headquarters or its' branches is illegal since the date of cancellation.

The CBSL's acting Director in charge of supervising Non-Bank Financial Institutions of the country has emphasised that the CBSL decision was taken in accordance with the Finance Leasing Act No. 56 of 2000.

However, the public announcement of the Koshiba Group says that it has voluntarily ceased to be a CBSL approved company with effective from April 04, 2014, after the Company Board of Directors disagreed to comply with the merger programme of the CBSL.

Noting that the company has not engaged in any malpractice or financial fraud, the notice adds that their goodname preserved since 1987 would prevail strongly in a trustworthy manner.

The Koshiba Group, is a family owned and run business, founded in 1978 by Deshabandu A.S.Jayantha Perera.

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Last Updated on Monday, 28 July 2014 12:52