July 25, Colombo (LNW): State Finance Minister Shehan Semasinghe announced in Parliament yesterday (24) that the liquidation letter for The Finance Company PLC (TFC) has been issued, with the government committed to expediting the process and ensuring swift compensation for all insured depositors.
In response to a question from MP Shanakiyan Rasamanickam about the dissolution and depositor issues of TFC, Minister Semasinghe emphasised the government’s intent to resolve the matter quickly.
He stated that liquidation is the most just course of action for depositors.
The Central Bank of Sri Lanka decided on liquidation after all restructuring efforts for TFC failed. Liquidation is seen as the only way to maximise compensation for depositors and prevent further losses.
The Colombo High Court has issued the liquidation order, and the government is prioritising the acceleration of these proceedings to address the issue promptly.
