Central Bank Governor Nandalal Weerasinghe has warned that plantation companies accepting deposits from the public are operating illegally unless they are registered as licensed finance companies.

Responding to a question during the Central Bank’s Monetary Policy Review media briefing, the Governor said the Central Bank has no mechanism to recognise or approve plantation companies that accept public deposits and offer returns.

He stressed that such deposit-taking schemes do not have the approval of the Central Bank and should be regarded as illegal.

Nandalal Weerasinghe urged the public not to invest money in such schemes. He also advised those who have already made investments to withdraw their funds as soon as possible. If they are unable to recover their money, he urged them to lodge complaints with the Police or the Central Bank.

The Governor further said that companies wishing to accept public deposits legally must register as licensed finance companies, adding that accepting deposits without such registration is entirely illegal in Sri Lanka. (Newswire)

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