Clarification -Mercantile Credit Limited
THERE have been misleading reports in the media with reference to
Mercantile Credit Limited which require correction and clarification.
a. The Management of Mercantile Credit Limited was taken over as a
going concern by a Management Committee comprising of nominee Directors
appointed by the Central Bank of Sri Lanka on the 24th July 1991 and a
nominee of the Central Bank was appointed as Managing Director
thereafter by the then Governor of the Central Bank.
The Directors of the Company prior to this date were not members of
the Management Committee and the Management Committee ran the Company at
its sole discretion.
b. The Directors of the Company, Mr. A.N.U. Jayawardena, Ms Neiliya
Perera and Mr. Milinda Moragoda along with the late Deshamanaya N.U.
Jayawardena resigned from the Board and the Company on the 5th February
1992 and the Management and administration of Mercantile Credit Limited
was vested in the Central Bank on 6th February 1992 as per a Gazette
c. The former Directors of Mercantile Credit Limited have no
knowledge or awareness whatsoever of the operations of the Company from
the 6th February 1992 i.e. for a period of more than thirteen years.
d. Mercantile Credit Limited did not get any facilities from the
Central Bank whilst the former Directors were managing the Company and
all borrowings, if any, from the Central Bank were probably granted at
the request of the Central Bank's own Management Committee, when they
were managing Mercantile Credit Limited.
Julius & Creasy, Attorneys-at-Law for the former Directors of
Mercantile Credit Ltd.