Sri Lanka extends ban on PABC bank’s primary dealership

ECONOMYNEXT – Sri Lanka’s Central Bank said it was extending a ban on the primary dealership of listed Pan Asia Banking Corporation, barring it from accessing primary auctions of government securities.

"The Monetary Board of the Central Bank of Sri Lanka has decided to extend the suspension of business and activities of a Primary Dealer of Pan Asia Banking Corporation PLC (PABC) for a period of six months with effect from 15 August 2018, in order to continue the investigations being conducted by the Central Bank of Sri Lanka," the Central Bank said Wednesday.

The ban was imposed under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance, the banking watchdog said.

"The Central Bank wishes to emphasize that this regulatory action restricts PABC’s access to the primary auctions for government securities. It does not affect any of the other activities or services of PABC," it said. (COLOMBO, 15 August 2018)

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