The Central Bank of Sri Lanka (CBSL) has launched an investigation into the activities of Kasagala Green Plantation (Pvt.) Ltd. after a company official claimed on a state television programme that the firm was regulated by the country’s financial regulator.
In a public notice, the CBSL stated that it was currently conducting an inquiry under the Finance Business Act, No. 42 of 2011, to determine whether Kasagala Green Plantation had engaged in finance business or accepted deposits from the public in violation of the law.
The investigation follows remarks made by Malwattage Ranjith Nandana Pieris, a Director of Kasagala Green Plantation, during the “Pini Viyana” programme aired on a state-owned television channel on 8 June. During the programme, Pieris claimed that the company was regulated by the CBSL and submitted information, documents, and data to the regulator every six months.
He further stated that if any concerns arose regarding the company’s operations, the CBSL would raise them directly with Kasagala Green Plantation.
However, the Central Bank strongly rejected the claims, describing them as “factually incorrect, misleading, and without any legal basis.”
The regulator warned that the statements had the potential to mislead members of the public who viewed the programme through television, electronic media, and social media platforms.
CBSL reiterated that its investigation was ongoing and urged the public to exercise caution regarding claims of regulatory approval or supervision made by entities operating outside the country’s licensed financial sector.
