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Published on Tuesday, 09 September 2014 16:26

Entrust 410px 14 09 09A Licensed Finance Company that, was caught up in the financial debacle of the Ceylinco group has been successfully resuscitated and a new lease of life been given to the aggrieved depositors of The Standard Credit Finance Limited (TSCFL) by the management of Entrust group.

The Standard Credit Finance Limited was formerly called and known as Ceylinco Investments & Realty Ltd. (CIRL) and it was one of the distressed regulated Finance Companies under the management of the Ceylinco group. Its principal lines of business activities included Finance Leasing, Hire Purchase, Security Loans, Personal Loans & Land Easy Payments and acceptance of Fixed Deposits from public.

During the crisis period as decided by the Central Bank of Sri Lanka (CBSL) the Company’s management was initially handed over to Lankaputhra Development Bank, who was appointed as the Managing Agent by the Monetary Board of the Central Bank of Sri Lanka on 28th March 2009 to manage the affairs of the Company. Subsequently Merchant Bank of Sri Lanka took over as the Managing Agent in September 2009 and during year 2010, the Company under went another name change as it was re-named as The Standard Credit Lanka Limited.

Entrust group which, is also an aggrieved creditor had initially advanced an amount of Rupees three hundred and eighty four million to TSCFL prior to the crisis period and in the process of recovering its dues the Monetary Board of the Central Bank of Sri Lanka upon accepting the submitted restructuring plan invited Entrust Limited to sign a Memorandum of Understanding with TSCFL. Since 1st April 2011 this collaboration has enabled the two Companies to formulate and implement the proposed plan in order to safeguard the interest of the distressed depositors.

A spokesperson for the group said that based on the ongoing Financial sector consolidation program and to comply with the Directions issued by the Monetary Board, Entrust group was required to infuse additional capital amounting to Rs 2.5 Bn to TSCFL and this process was successfully concluded. The 3,500 odd clientele of The Standard Credit Finance Limited can be content that, with this additional infusion of capital, the Company will have a positive NAV of Rs 2.2 Bn.  With Entrust group’s proposed structured financing plans, TSCFL’s total assets will reach Rs 7 Bn. TSCFL which, was initially called and known as Panadura Finance & Enterprises Ltd. has a history of almost forty five years and Entrust group is proud to place on record its accomplishment in the resurrection of this deep-rooted Finance Company.

The successful implementation of the business revival plan of TSCFL is being carried out under the guidance and support of the Governor of Central Bank of Sri Lanka, Mr Ajith Nivard Cabraal and other CBSL officials. Entrust group will focus in implementing the rest of the Directions issued by the Monetary Board as per the proposed consolidation plan in protecting the interest of all stake holders of the Company and also to position ENTRUST as a trusted brand in the financial sector.

Last Updated on Thursday, 11 September 2014 11:59

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