Troubled The Finance PLC (TFC) yesterday (25) noted that the company has been approached by 03 interested parties to consider an investment in the finance firm, if a Banking License could be obtained. “Since publication of the “Notice of Cancellation”, TFC was approached by 03 interested parties to consider an investment on the basis Banking License could be obtained with the sufficient investment,” the firm said in a stock exchange filling. The Monetary Board of the Central Bank on October 23, 2019 issued a Notice of Cancellation of licence on TFC due to the severe liquidity crisis faced by the company. However, The Board of Directors of TFC submitted its objection on 14th November 2019 for the “Notice of Cancellation” issued on TFC under the provision made in section 37 of FBA stating that it was facilitating the potential investors locally and overseas and some discussions with potential investors were ongoing. Hence, the Board of Directors of TFC has requested CBSL to re-consider the notice of 30 days and avoid any License Cancellation and request 60 days of extension from the date of issuance of ,,Notice of Cancellation”, while assisting the finance company to finalize the investors soon after the existed political situation settles. “After the expiry of 60 days from the date of the Notice of Cancellation and after considering the objections, the Monetary Board may withdraw such notice of cancel the licence issued to TFC,” the Central Bank said. Accordingly, TFC shall submit its objections along with acceptable investment proposal with the credentials of a potential investor within the stipulated timelines as per the FBA for the consideration of the Monetary Board.
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