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Sri Lanka Central Bank extends regulatory action on primary dealer Pan Asia Banking Corporation

Sri Lanka Central Bank extends regulatory action on primary dealer Pan Asia Banking Corporation

Feb 17, 2020

Colombo (Sri Lanka), Feb 17: Sri Lanka's Central Bank has extended the regulatory action taken on primary dealer Pan Asia Banking Corporation (PABC) for another six months in order to continue the investigations being conducted by the Central Bank.
"The Monetary Board of the Central Bank of Sri Lanka, acting in terms of the Regulations made under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance, has decided to extend the suspension of business and activities of the Primary Dealer Unit of Pan Asia Banking Corporation PLC (PABC) for a period of six months with effect from 10.00 a.m. on 15th February 2020, in order to continue the investigations being conducted by the Central Bank of Sri Lanka," the Bank said in a statement today.
The Central Bank emphasized that this regulatory action suspends PABC's access to the primary auctions for government securities. It does not affect any of the other activities/services of PABC.
The Monetary Board suspended PABC with effect from 15th August 2017 for six months and the suspension was thereafter extended by six months at a time from 15th February 2018 in order to continue the investigations into the bond scam.
Source: Colombo Page