ETI depositors file FR case | Daily News

ETI depositors file FR case

Wants Central Bank to seize all assets :

An ETI depositors’ association yesterday filed a Fundamental Rights petition in the Supreme Court seeking an order directing the Central Bank to seize all immovable and movable assets belonging to ETI Finance Ltd and its directors.

This petition was filed by Independent Organization to protect ETI Depositors (Guarantee) Limited through counsel Manjula Balasuriya naming Monetary Board of the Central Bank of Sri Lanka, Central Bank Governor, Director of the Department of Supervision of Non Banking Financial Institutions, Secretary to the Ministry of Finance, ETI Finance Ltd and its directors Jeewaka Hemal Edirisinghe, Nalaka Premal Edirisinghe, Anjali Deepa Edirisinghe, Asanka Srimal Edirisinghe and several others as respondents.

The petitioner is further seeking an order to freeze the monies lying in all the local and foreign Bank Accounts of the ETI Finance Ltd and its directors and other affiliated companies.

The Petitioner states that the actions and or inactions and or decisions of the Central Bank of Sri Lanka do constitute, executive and administrative actions as envisaged in the article 17 and 126 of the Constitution.

The petitioner states that the Petitioner company is comprised of more than 2500 members who have invested and or deposited various sums of money in the ETI Finance Ltd Company.

The petitioner states that until December 2017 the ETI Finance Ltd Company made representations and published various advertisements and notices inviting the public to deposit their funds stating that it is a financial institution approved by the Monetary Board of the Central Bank of Sri Lanka and pays higher returns to its depositors.

The petitioner states that even the Director of the Department of Supervision of Non Banking Financial Institutions, through electronic and print media did publish notices from time to time that the ETI Finance Ltd Company is a financial institution approved by the Central Bank of Sri Lanka.

The petitioner stated that the members of the Petitioner Company have altogether invested more than Rs 20 billion in ETI Finance with a view to gain higher returns for their deposits and investments.

The petitioner states the depositors or the creditors of ETI Finance Ltd Company were not paid their money or the interests thereon.


 

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