Co-operative Leasing Company Limited (CLCL), a Registered Finance Leasing Establishment under the Finance Leasing Act, No 56 of 2000, as amended (FLA), has acted in contravention of the Directions issued by the Director, Department of Supervision of Non-Bank Financial Institutions (DSNBFI) of the Central Bank of Sri Lanka by its repeated failure to comply with the Finance Leasing (Reporting Requirements) Direction No. 2 of 2010 and had also failed to meet the requirements stipulated by the Central Bank of Sri Lanka on the Masterplan for Consolidation of Non-Bank Financial Institutions (the Masterplan), despite several extensions granted to enable compliance with the same. No satisfactory progress has been made by CLCL to adhere to the Masterplan and in particular, CLCL has failed to develop a viable plan to ensure the sustainability of its business operations.
In view of the above, the Certificate of Registration issued by the Director, DSNBFI to CLCL as a Registered Finance Leasing Establishment under the provisions of FLA has been cancelled with effect from 10.06.2026, in terms of Section 9(1)(f) of FLA.
Accordingly, the public is hereby informed that, CLCL shall have no authority to carry on any new finance leasing business except such business as it had entered into before the date on which the cancellation takes effect.
