EAP Finance Companies taken Under Supervision – Investors Called to Buy EAP Companies

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The EAP Group has invited investors to sell its companies while the EAP Financial Services have taken under supervision of Central Bank of Sri Lanka.
Malaysian based investor, Jeya Sudir Jeyaram who owns Straits Grid Pte Ltd, have offered to buy the companies and the negotiations are in progress, reliable sources revealed. The companies owned by EAP Holdings are Swarnavahini, Sri FM, Ranwan FM, E FM Swarnamahal Jewellers, EAP Films and Theatres, ETI Finance and Swarnamahal Financial Services. Late businessman EAP Edirisinghe and his wife late Soma Edirisinghe developed the EAP group of Companies and the next generation have taken the decision to sell out the companies. The most criucial problem they face now is preventing a domino effect start from the crisis ridden financial companies when almost all of their companies show less progress in the powerful competitors. Meanwhile CBSL has taken steps to supervise financial activities of Finance Companies run by EAP Group: Swarnamahal Financial Services and Edirisinghe Trust Investments. The regulator’s involvement would limit to the proposed deal pertained to the finance companies CBSL sources revealed. The Central Bank has no mandate to involve in the negotiations and deals between potential investors and finance companies, but as the authorised regulator of financial companies, the CBSL’s responsibility is to ensure protection of depositors rights of the particular finance companies.