However, it has been notified that when doing so, all legal redress sought by the depositor associations of these two companies should remove their cases.

After the acquisition, the CBSL is to audit all assets and liabilities of these two companies and formulate a mechanism to reimburse depositors, reports add.

The CBSL is to file a special motion on this regard through the Attorney General’s Department to inform the Supreme Court about this decision.

However, it is said that the majority of depositors in these companies are opposing the removal of legal cases and liquidating assets.

(Source : Randora)