Sri Lanka PABC bank primary dealership ban extended further

ECONOMYNEXT- Sri Lanka’s central bank has extended by another six months a ban on Pan Asia Banking Corporation’s (PABC) primary dealership, a statement said.

The extension of the suspension with effect from 15 August 2019 was in order to continue investigations being conducted by the Central Bank, a statement said.

The ban will only restrict PABC’s activity in primary bond auctions with all other banking activities not affected, the central bank said.
 
The regulatory actions was taken under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance.
 
PABC’s primary dealership has been suspended since August 2017 for its transactions with Perpetual Treasuries Ltd during a so-called ‘Bond Scam’.
(COLOMBO, 15 August 2019)