SC to hear ETI depositors’ FR case Dec 4 | Daily News

SC to hear ETI depositors’ FR case Dec 4

The Fundamental Rights petition filed by the ETI Depositors’ Association seeking an order directing the Central Bank to seize all the immovable and movable assets belonging to ETI Finance Ltd and its directors was yesterday fixed for support on December 4 by the Supreme Court.

At a previous hearing, the ETI Finance Company informed the Supreme Court that the ETI Finance Ltd would be restructured under a new investor and, necessary arrangements would be made to repay the depositors’ money accordingly.

This petition had been filed by the Independent Organization to protect E.T.I. 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 comprised more than 2500 members who have invested and 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 general 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 a sum of more than Rupees 20 billion in the ETI Finance Ltd Company with a view to get higher returns for their deposits/investments.

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


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