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Message: <blockquote data-quote="whizzkid" data-source="post: 23288287" data-attributes="member: 174488">           <a href="https://www.cbsl.gov.lk/en/node/3382" target="_blank">Payment for Deposit Holders of ETI Finance Limited</a>                                     This  is further to the Press Release dated 02.01.2018 relating to ETI  Finance Limited (ETIFL) and Swarnamahal Financial Services PLC (SFSP). The Monetary Board of the Central Bank  of Sri Lanka (CBSL), having considered the critical financial conditions  of ETIFL and the possible implications to the financial system, decided  to permit and facilitate ETIFL to sell its holding of shares in  subsidiary and sub-subsidiary companies and investment properties, based  on a proposal submitted by the Board of Directors of ETIFL, for a net  amount of USD 75 million subject to compliance with the applicable laws  and regulations.   Out of USD 75 million, the buyer has  transferred USD 32 million and ETIFL has received its Sri Lankan Rupee  value of Rs. 5,017.6 million. Having considered the request of the  depositors, ETIFL has been instructed to pay urgently, 10 percent of  deposit liabilities which amount to approximately Rs. 3,350 million and  the accrued interests of Rs. 1,400 million (approximately) as at end May  2018 using the sales proceeds received. The payment will commence on  05.06.2018. Also, ETIFL has been instructed to pay a further 10 percent  of deposit liabilities on receipt of the balance part of the sale  proceeds (USD 43 million).  The details of the payment plan  commencing on 05.06.2018 will be informed to depositors by ETIFL  shortly. The CBSL, while thanking all relevant parties for their  assistance extended during the past four months, wishes to request all  depositors to be patient until the finalization of the action plan with  regard to ETIFL and to cooperate with the Central Bank appointed  management panel of ETIFL to implement the payment plan.   Published Date: Sunday, May 20, 2018                                                                  source: <a href="https://www.cbsl.gov.lk/en/node/3382" target="_blank">https://www.cbsl.gov.lk/en/node/3382</a></blockquote>

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