Sri Lanka central bank flags Crosslink for unauthorized deposit-taking
Photo: EconomyNextAI summary · 1 min read
1 min readFrom 1 outlets- EconomyNext reports that the Central Bank of Sri Lanka investigated the companies under the Finance Business Act No. 42 of 2011.
- EconomyNext reports that Crosslink Investment took public deposits from April 2020 to January 2022.
- EconomyNext reports that Crosslink Investment and Crosslink Holdings continued collecting public funds through August 2022.
- EconomyNext reports that the central bank ordered both companies to halt finance business operations immediately.
EconomyNext reports that the Central Bank of Sri Lanka (CBSL) issued a public warning after investigating Crosslink Investment (Pvt) Ltd and Crosslink Holdings (Private) Limited under the Finance Business Act No. 42 of 2011. The regulator determined that the companies had operated unauthorized deposit schemes.
EconomyNext reports that Crosslink Investment took public deposits from April 2020 through January 2022. It says both companies continued collecting public funds until August 2022, using loan agreements and fixed-deposit contracts.
EconomyNext reports that the CBSL ordered both firms to stop all finance business operations immediately. The report identifies six people as directors, a director of operations and a finance manager associated with the companies’ operations.
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