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Press briefing of Cabinet Decision taken on 2020-03-18
Winding up of the CFC Founding (Guarantee) Limited
- The CFC Founding (Guarantee) Limited has been established pursuant to a Cabinet decision taken in the year 2016 with the objective of facilitating and carrying out the work for the establishment and operation of the Financial City of the Colombo Port City Project. A Committee of Experts with special experties in the respective fields has been appointed to review the scope of the functions undertaken by the CFC and the Committee so appointed has observed that the continuation of this Company is no longer necessary. Accordingly, the proposal made by the Minister of Finance, Economy and Policy Development to take appropriate measures to wind up the Company by adopting the provisions provided for in Section 319(b) of the Companies Act, No.07 of 2007 and to authorize the Secretary to the Treasury to take necessary action in that regard, was approved by the Cabinet.