Bank of Ceylon (BOC) has announced the enforcement of legal action against the default on debenture obligations by MTD Walkers Plc.

The Bank said it has handed over the documents pertaining to the matter to the Attorney General’s Department on 24 July in order to institute legal action against MTD Walkers for non-payment of interest due from the company to the investors, leading to an event of default. 

In a disclosure to the CSE the bank confirmed that it has made arrangements to enforce obligations pursuant to the Trust Deed dated 22 July 2015 (as amended) through institution of legal action against MTD Walkers PLC as the Trustee to the debenture issue, and as per the resolution passed at the meeting of Debenture Holdings of MTD Walkers held on 2 May 2019.