Monday, 01 June 2020 13:04

NatWealth Securities Limited barred from carrying out business

NatWealth Securities Limited has been barred from carrying out business and activities as a Primary Dealer on a decision taken by for the second time by Monterrey Board of the Central Bank.

The reason for this regulatory action was the failure of the company to comply with directions applicable to primary dealers.

This decision to suspend NWSL from carrying on the business and activities of a Primary Dealer for a period of six months with effect from 01.06.2020 was taken by the Monetary Board on 28.05.2020.

The CB will take necessary measures to ensure that this regulatory action does not have a disruptive impact on the Government Securities market.

Action will also be taken to facilitate the handling of the interests of the customers and counter parties of NWSL in an orderly manner.

The Monetary Board of the CB at its meeting held on 30.05.2019 has suspended the NWSL for six months previously and revoked the directive on 30th November 2019.

NatWealth Securities Limited is a fully owned subsidiary of National Wealth Corporation Limited established under the Mahapola Trust Fund for the welfare of higher education students.

However, it was revealed at the Presidential Commission of Inquiry that these companies suffered severe losses due to the Central Bank bond scam

Mahapola Higher Education Scholarship Trust Fund established three decades ago in 1981 by then Education Minister Lalith Athulathmudali to assist the needy university students is marred by controversial past and present investments.

(LIN)

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