🚨 CBSL Cancels Nation Lanka Finance PLC Licence

The Central Bank of Sri Lanka (CBSL) has officially cancelled the finance business licence of Nation Lanka Finance PLC (NLFP) effective from July 3, 2026, proceeding with the winding up of the company. • Regulatory Actions: This final step follows continuous violations of the Finance Business Act by NLFP. The company had been under the control of an administrator since July 2025 under the Banking (Special Provisions) Act (BSPA). • Resolution Efforts: CBSL reported that extensive efforts to stabilize the company—including exploring structural revival options, promoting acquisitions by stable commercial banks or finance companies, and inviting investor expressions of interest—ultimately failed to yield a viable outcome. • Depositor Compensation: The Sri Lanka Deposit Insurance Scheme (SLDIS) will compensate insured depositors up to a maximum of Rs. 1,100,000 per depositor. • Impact: This limit ensures full settlement for approximately 99.1% of total depositors. The remaining 0.9% will receive the maximum Rs. 1,100,000 as a part settlement, with any remaining balance subject to recovery during the liquidation process. • Claims Timeline: Eligible depositors must submit a claim on or before July 2, 2032 (within 6 years). Further details on payment modes and procedures will be announced by CBSL in due course. _Note: Debtors of NLFP are strictly advised to continue paying their dues on time through official NLFP bank accounts to avoid legal action._