Sri Lanka sets up enforcement unit after insolvency failures

oldsrilankarupee

The Central Bank of Sri Lanka has set up a new enforcement division in a bid to address earlier mistakes when restructuring four failing financial institutions. As part of the central bank's efforts to improve practices, resolution plans for the banks have now received approval.

The new division will sit in the department of supervision of non-bank financial institutions with responsibility for instituting legal action against directors and managers responsible for the "fraud and

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