ECONOMYNEXT – An assets sale that will bring cash into Sri Lanka’s troubled ETI Finance is awaiting legal clearance, Central Bank Governor Indrajit Coomaraswamy said.
A foreign investor has agreed to buy assets of the group for 75 million US dollars which was to come in tranches of 43 million dollars and 32 million dollars.
Of the first 43 million dollar tranche “a little over” 30 million dollars has come Governor Coomaraswamy said.
“The remainder of the money relates to the media business and there are certain legal hurdles to be cleared and they are in the process of being cleared,” he said.
ETI Finance has about 24,000 depositors with 33 billion rupees of deposits, he said.
Governor Coomaraswamy declined to reveal the name of the investor.
“This does not solve the problem,” he said. “We need another investor to come in, but at least it gives us a chance to move forward and we do not want to say anything too early that upsets the apple cart.”