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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » CIFL crisis points to Central Bank’s failure

CIFL crisis points to Central Bank’s failure

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sriranga

sriranga
Co-Admin
By Namini Wijedasa
Finance companies and fictitious accounts
CIFL crisis points to Central Bank’s failure, unveils loopholes in its monitoring mechanism


Earlier this month, the depositors of a troubled finance company received a short, non-committal message on their mobile phones.
“Dear Customer,” it said. “The People’s Leasing is still supervising the day to day functions of the company and a Monetary Board meeting will be held after PLC submits the report on CIFL. Regret that still no definite update with regard to your payment. However, we hope that there will be an update soon from the Central Bank end.”

CIFL crisis points to Central Bank’s failure Financ10

Central Investments and Finance PLC (CIFL), a finance company registered with the Central Bank, is in distress. It has received Rs 3.5 billion in deposits but just millions in assets and even less in bank accounts. This is a huge mismatch. On July 2, the Central Bank’s Monetary Board appointed People’s Leasing & Finance PLC to manage the company.

On the same morning, anxious depositors assembled outside the CIFL head office in Colombo 7. Many of them had invested their life savings in the company and had not received their interest payments for several months. It was impossible to suppress from the wider public that CIFL was in crisis.

Despite their anguish, these clients realised it would not be in anybody’s interest to create a panic that could easily spread throughout the finance companies sector. They also wanted to allow space for the Central Bank (CB) to map out a strategy that would allow them to recover their monies. So they aggressively chased away journalists who arrived there.

But the anxiety of CIFL’s 300,000 depositors remains acute. One client, a retiree, told the Sunday Times he had no money for living expenses. He had been dependent on the interest paid on his investment. This is a familiar tale, told many times over during and after the crash of Golden Key and associated companies.

The CB confessed last week that it could be several months before CIFL depositors recovered their savings but stressed that it was working with People’s Leasing and Finance to salvage the firm. The Bank will publish details of a restructuring plan which is due soon.

To turn it around, CIFL needs a new investor. But nobody will infuse capital into a loss-making venture. One attempt to get an injection of US$ 12 million failed. People’s Leasing and Finance will now propose a formula to restructure the company’s balance sheet. The CB says it will find an investor once this is implemented.

“Finding an investor is vital,” stressed H. M. Ekanayake, Director of the CB’s Department of Supervision of Non-Bank Financial Institutions (NBFI). “Otherwise, the company cannot go ahead.”

“The depositors will not get their money for the moment,” he added. “They will have to wait for some time. But once we find an investor, we will definitely make arrangements to recommence business. Our interest is to revive the company as soon as possible to enable depositors to get their money.”

CIFL had followed a template for disaster. It had accepted deposits and invested in projects, some of which (like housing and real estate) had not been successful. Big losses ensued, leaving the company unable to pay its clients. It was a temporary liquidity issue, Mr. Ekanayake said. But there is more. CIFL was also grossly mismanaged over an extended period of time and there were allegations of money being siphoned off.

The CB has now commissioned a detailed probe on CIFL’s financial information and practices. The forensic audit will reveal which of its employees were responsible for siphoning off funds. Even this investigation was considerably delayed due to non-submission of information by the company. The CB summoned the directors several times and threatened them with further action before the necessary documents were handed over.

“We will take action against all parties, including directors, who are found responsible for this downturn,” asserted Mr. Ekanayake. Industry sources maintain that it is too little, too late.  The spectacular Golden Key collapse is still fresh in the country’s collective memory. It had been followed by robust calls for increased Monetary Board supervision. How did the CB, which is tasked with regulating finance companies, go so wrong again?

“We do examine their accounts,” insisted B. D. W. Ananda Silva, CB Deputy Governor. “The problem is that, in the books of these institutions, the figures are ok.” “Their assets and liabilities matched,” explained Mr. Ekanayake. “But the books didn’t contain true values of the assets. They were overstated.” For instance, CIFL owned 100 acres of land in Arugam Bay which it had valued at Rs. 600 million. This was not an accurate reflection of its actual worth.

“The question is whether we can go and check block by block,” said Mr. Silva. “You have to go and find the land in the first place. Then you have to value it. Their books contained valuation reports and deeds. When you added the figures, the assets and liabilities matched. However, when you want to sell the land, you can’t secure that price.”

That CIFL had inflated its balance sheets, however, is not a secret. In 2011, CB Governor Ajith Nivard Cabraal had chaired a meeting with is directors and advised them to rectify the situation. But the company had followed the same procedure in 2012, prompting finance industry sources to question just how seriously this regulator is taken.

“We have very often found that some of these companies give us fiction,” said one source. “We have kept an eye on the data they give us and we have proof of them actually fixing the numbers, particularly what is provided to us.” “Most of the finance companies have hardly raised any capital,” he warned. “They grow at an amazing pace. They are taking enormous risks, stretching themselves even more with depositors’ money.”

“We know a lot of new finance companies were re-launched, renamed and rehashed in the aftermath of the Golden Key debacle,” he explained. “But they are no better. They are extremely fragile. You must have proper capital for a business and a proper regulatory framework and supervision.”

The systems are possibly in place, he concluded. But the Central Bank must be more willing to act—and must do it now.

CB to toughen rules on finance companies

The Central Bank will not license any new finance companies in 2013. It has also issued new directions under the Finance Business Act aimed at increasing governance. Among other things, finance companies will now need written approval of the CB Monetary Board to form a subsidiary, sell whole or part of its business or to start a new business activity that is not directly related to finance business, hire purchase, leasing or pawning.

Meanwhile, action is being taken with regard to Edirisinghe Trust Investments Limited (ETI) and Swarnamahal Financial Services PLC. “They have implemented the first phase of a restructuring plan approved by Central Bank,” said Central Bank Director H.M. Ekanayake. “We have asked them to implement the second phase.”

As with CIFL, these companies had shown a huge gap between assets and liabilities. “We identified the directors’ personal assets and told them to bring them to the company,” said Deputy Governor B. D. W. Ananda Silva. “They have managed to bridge the gap.”

He revealed that ETI is looking for an investor to further restructure the company. “The position of the company is much better today compared to six months ago,” said Mr. Ekanayake. “But we are watching this.”

The CB and most industry sources contend that number of finance companies is too large. “There is a lot of merit in having larger finance companies and fewer of them,” said a senior practitioner. “The deposit base is highly fragmented right now.”
http://www.sundaytimes.lk/130728/news/finance-companies-and-fictitious-accounts-54762.html

http://sharemarket-srilanka.blogspot.co.uk/

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
While they were really in crisis, CIFL collected huge sum of money from innocent people offering 24% rate last 2 years.

When I questioned about the guarantee for our money from herd of CIFL T-shirt wearers -seen everywhere 2 years ago, now vanished - they proudly declared they were registered and monitored by CBSL.

As I knew the real situation , just by reading reports, I chased them away.

The present bunch of Directors should be held responsible for this. They are the guys who directed the company to collect more and more money at very high rates and drag it to further trouble.

Unfortunately, some of our stock investors were also kept buying this share ignoring the warnings .

kukumarx


Manager - Equity Analytics
Manager - Equity Analytics
@Chinwi wrote:While they were really in  crisis, CIFL collected huge sum of money from innocent people offering 24%  rate last 2 years.

When I questioned about the guarantee for our money from herd of CIFL T-shirt wearers -seen everywhere 2 years ago, now vanished - they proudly declared they were registered and monitored by CBSL.

As I knew the real situation , just by reading reports, I chased them away.

The present bunch of Directors should be held responsible  for this. They are the guys who directed the company to collect more and more money at very high rates and drag it to further trouble.

Unfortunately, some of our stock investors were also kept buying this share ignoring the warnings .

Yes I know, it is unfortunate but there is only that much one can do! As the saying goes, "You can take a horse to water but you cant make him drink"

Also you can't count on the Central Bank. Look at the Golden Key Case. According to news articles some time ago, Sunil Mendis had ordered a probe which was later cancelled by Cabraal. Does anyone hear anything about this now?

hunter

hunter
Moderator
Moderator
"registered and monitored by CBSL" are places we should avoid when depositing money.
I learnt this the hard way few years ago.

Jana1


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Chinwi wrote:While they were really in  crisis, CIFL collected huge sum of money from innocent people offering 24%  rate last 2 years.

When I questioned about the guarantee for our money from herd of CIFL T-shirt wearers -seen everywhere 2 years ago, now vanished - they proudly declared they were registered and monitored by CBSL.

As I knew the real situation , just by reading reports, I chased them away.

The present bunch of Directors should be held responsible  for this. They are the guys who directed the company to collect more and more money at very high rates and drag it to further trouble.

Unfortunately, some of our stock investors were also kept buying this share ignoring the warnings .

I guess, Life will not forgive for these bad investors' weaknesses. They were born losers and get die as poor as they are.

pathfinder

pathfinder
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Chinwi wrote:While they were really in  crisis, CIFL collected huge sum of money from innocent people offering 24%  rate last 2 years.

When I questioned about the guarantee for our money from herd of CIFL T-shirt wearers -seen everywhere 2 years ago, now vanished - they proudly declared they were registered and monitored by CBSL.

As I knew the real situation , just by reading reports, I chased them away.

The present bunch of Directors should be held responsible  for this. They are the guys who directed the company to collect more and more money at very high rates and drag it to further trouble.

Unfortunately, some of our stock investors were also kept buying this share ignoring the warnings .

This is the wonder of asia,Doesn't matter how much warning given, people going behind high interest and susequently lose their hard earn money, Embarassed 
As long as this mentality persists,lots of Sakvithis,Daduwam mudalalilas will rule in the future.
Same story in CSE as well Evil or Very Mad

7CIFL crisis points to Central Bank’s failure Empty CIFlL debacle Tue Jul 30, 2013 9:35 am

Richie


Senior Equity Analytic
Senior Equity Analytic
Central Bank exactly knew what was happening at GK , CB exactly knew what had been taking place at CIFL, they never took action to suspend business to safe guard innocent depositors and there must be an understanding between both parties with an ulterior motive.

Otherwise it can not happen.

stockup&down


Senior Equity Analytic
Senior Equity Analytic
@Richie wrote:Central Bank exactly knew what was happening at GK , CB exactly knew what had been taking place at CIFL, they never took action to suspend business to safe guard innocent depositors and there must be  an understanding  between both parties with an ulterior motive.

Otherwise it can not happen.

lets see just stated the day..........................

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
So CSE allowed a company with dubious assets hold an IPO.

So that means recent listings like Anilana also can have the same issue. We ll know at the end of distribution.

Oh sorry, I forgot the boss is a director at CSE.

Wayne Abbott


Senior Equity Analytic
Senior Equity Analytic
Good Evening,

I am the Foreign Investor who paid for all the entire acquistion of CIFL in 2004 with promised returns,then made a shareholder of Aspic Group effectively quashing my direct link to CIFL and so forth,also with the BOI recognizing my shareholding also the Prospectus issued prior to the floating of cifl,Nine years later i have received zero except lies from Mr Deepthi Perera and K.S.V. Fernando with statements that dividends will be paid but never happening
Mr Deepthi Perera always was questioned WHY? he was able to buy so much % shareholding of CIFL and were did he get the funds to do so!
He has lied and cheated all and myself the Foreign Investor was cheated and lied to over and over again with no assistance from BOI - Chartered Accountants and other associated protection bodies for investment into sri lanka
This will be presented to the media throughout the world as Sri Lanka is a disgrace in the business ethics that stand a structure in a good safeguard for foreign and local investors,all I have heard is excuses and no action to correct the wrongdoings by particulary Mtr Deepthi Perera and his board with the accountant Fernando many times I belive doing illegal summaries of company and many times questioned
I do hope a resolve can happen and my funds are reimbursed to again enhance the business ethics if Sri Lanka
Yours Sincerely
Cheated Foreign Investor
Wayne Steven Abbott

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
If you are correct ,
they used your money to buy CIFL and made you a minority shareholder of Aspic Cor  instead of making you  the main shareholder of CIFL depriving your rights to take any decisions on both entities. ???

In other words, they (Aspic) bought 32 million CIFL at very low price per share using your cash and issued you 5 million Aspic shares at a higher price making you  just a minor ?
(Deepthi Perera had over 21 million of Aspic so you have no controlling power there . )
Now we learn that you knew nothing about the IPO of your own company and you had no power to take decisions !

I think you have made this allegation when they announced the  IPO , writing to a newspaper - 10th July 2011- .
http://www.ft.lk/2011/06/30/cifl-to-be-a-listed-company-with-cse/

Instead of writing to online papers Why didn't you complain to SEC at IPO?
You should have taken very simple legal action to stop the IPO .
Our newspapers usually do the rest to disclose the culprits to the public.


මෙම කෙස් එකේ ඇත්ත නැත්ත අපි දන්නේ නැහැ.
හැබැයි ලංකාවේ මෙවැනි උගුල් වලට අහු උන විදේශිකයෝ ඉන්නවා නඩු දාන්න හෝ දැන් මෙරටට එන්න බයේ මරණිය තර්ජන නිසා.
මේ ලඟදි ඒ වගේ මිලියන් සිය ගානක බොරු ආයෝජනයකට අහු උන කෙනෙක් ලංකාවේ තවදුරටත් හිටියොත් ජිවිතේ ගැන විශ්වාසය නැති බව තේරුම් අරන් වහාම රටින් පැනලා සිංගප්පුරුවේ ඉඳගෙන මෙහෙ යම් කෙනෙක් මාර්ගයෙන් ඉහලම බලධාරියෙක් දැනුවත් කරලා ඒ බලය නිසා සල්ලි ටික ආපහු ගේන්න ගත්ත.

ලංකාව පමණක් නොවේ ඉන්දියාවේ හා තායිලන්තේ ආයෝජනය කරන්න ගිහිල්ල මෙහෙම උන අය මා දන්නවා .
ඉන්දියාවට අරන් ගිය ඩිරාම් මිලියන් 360 ආපහු බේර ගන්න ඉන් මිලියන් 80 ක් කප්පම් ප්‍රාදේශීය බලවතෙකුට දෙන්න උනා .


econ

econ
Global Moderator
Deepthi perera guy may have used all those money for his car racing and other sporting activities.

Wayne Abbott


Senior Equity Analytic
Senior Equity Analytic
Good Morning Chinwi
You are exactly correct this is exactly what Deepthi Perera set ou to complete,devious manipulative,devoid of any correct business ethics,
It has been suggested a Roscoe Maloney of Touchwood has taken control of Aspic companies!
Regards

Wayne Abbott

Wayne Abbott


Senior Equity Analytic
Senior Equity Analytic
Good Morning Chinwi

They are diluting all assets via Deepthi Perera and Roscoe Maloney out of Aspic thereby they shoved me into a bogus illegal shareholding of Aspic when I purchased CIFL in 2004 to enable them to dilute Aspic with nothing left for myself.
This is a criminal and illegal in any Business society in the world,the company CIFL recognized by Central Bank has a obligation to correct and reimburse my funds also to bring these criminals to justice.
Regards

Wayne Abbott

Jana1


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Wayne Abbott wrote: Good Morning Chinwi

They are diluting all assets via Deepthi Perera and Roscoe Maloney out of Aspic thereby they shoved me into a bogus illegal shareholding of Aspic when I purchased CIFL in 2004 to enable them to dilute Aspic with nothing left for myself.
This is a criminal and illegal in any Business society in the world,the company CIFL recognized by Central Bank has a obligation to correct and reimburse my funds also to bring these criminals to justice.
Regards

Wayne Abbott

Hay Wayne,

Since you know that you were perfectly cheated-in your opinion, why are you reluctant to take legal action against them? I guess you have Australian parliamentarian in your pocket. Your drama started in 2004, still you haven't received anything.. You simply keep silent for nine years and start shouting when the ship has almost sank.. May be your action could help other poor investors in Sri Lanka since they could start another drama..

shehani.perera.1612

shehani.perera.1612
Equity Analytic
Equity Analytic
@Jana1 wrote:
@Wayne Abbott wrote: Good Morning Chinwi

They are diluting all assets via Deepthi Perera and Roscoe Maloney out of Aspic thereby they shoved me into a bogus illegal shareholding of Aspic when I purchased CIFL in 2004 to enable them to dilute Aspic with nothing left for myself.
This is a criminal and illegal in any Business society in the world,the company CIFL recognized by Central Bank has a obligation to correct and reimburse my funds also to bring these criminals to justice.
Regards

Wayne Abbott
Hay Wayne,

Since you know that you were perfectly cheated-in your opinion, why are you reluctant to take legal action against them? I guess you have Australian parliamentarian in your pocket. Your drama started in 2004, still you haven't received anything..  You simply keep silent for nine years and start shouting when the ship has almost sank.. May be your action could help other poor investors in Sri Lanka since they could start another drama..
Dear Mr. Wayne,

I thought of writing this because I was the one who handle your File the at the company secretaries of Aspic, If you remember i Met you in Gall Face Hotel during the Second AGM of the Company, I thought of replying because your comments effects the investors who believe Sri Lankan Business and the System here. I remember that you insisted that you wanted the Shares in ASPIC by looking at the assets on those days. You first invested as a Loan to ASPIC and later once you saw the Financials you wanted the Shares. The we obtained the BOI approvel for you. You received the Letters from BOI ad you have participated 3 AGM's and were a director for 3 Years Until you had an issue which i dont want to mention in this forum because I respect your privacy. And we received a letter from you through a German Solicitor to Sell your Shares but later there were no response from you. And last January we arrange to sell your Shares along with Mr.Deepthi Perera to the New Investors we have sent you all the paper work along with Agreements through our lawyers, You agreed to the Transaction and with out Signing any paperwork you wanted the Money to be deposited to your account which was later revealed it was closed by the Bank. And as at Date after 6 Months of the transfer date you still keep the paperwork with you after many E mails both from us and the lawyers in Sri Lanka with out sending back. Now the New Share Holders are Mr.Maloneys and they have the Controlling Power. And you never send the paperwork back to the Lawyers to finalize the Transaction. With out doing that you write here about receiving Nothing and all other dramatic stories blaming everyone. Sri Lanka is a better country than what you think of. Please stop blaming Authorities or other personal involve in your services when you dont fulfill your duty. You was offered and you agreed the Sale of your Share, once we completed the paperwork and sent to you, you kept them for 6 months, and you are still keeping them. I dont know what you are expecting????

m2_yapa

m2_yapa
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Wayne Abbott ge redda galawila bimatama watuna wagei!

NUINTH


Senior Equity Analytic
Senior Equity Analytic
Can we believe this drama.....? This type of irresponsible things/decision by investor as well as company. Really funny.

shehani.perera.1612

shehani.perera.1612
Equity Analytic
Equity Analytic
@hunter wrote:"registered and monitored by CBSL" are places we should avoid when depositing money.
I learnt this the hard way few years ago.
Hey Guys,
Thease statements are rather funny, In one hand they publish full page articles to invest In Registered Finance Companies, and then see how they comment

"“We know a lot of new finance companies were re-launched, renamed and rehashed in the aftermath of the Golden Key debacle,” he explained. “But they are no better. They are extremely fragile. You must have proper capital for a business and a proper regulatory framework and supervision.”

And then he goes like this,

“We have very often found that some of these companies give us fiction,” said one source. “We have kept an eye on the data they give us and we have proof of them actually fixing the numbers, particularly what is provided to us.” “Most of the finance companies have hardly raised any capital,” he warned. “They grow at an amazing pace. They are taking enormous risks, stretching themselves even more with depositors’ money.”

And this come from no ordinary Person, it comes from the head of the regulator, What could we "Normal layman's will know how to understand this concept of finance Business.

As a company who provided secretarial work for this company we saw their balance Sheet for over 7 years, Central Bank Saw it too, and all of us discussed that how could they do finance business with less than 5% of Quality Lending Portfolio, They always maintained a theory that real Estate would give a secured asset with a capital growth, ( My real estate knowledge is not good to comment on that ) How ever I happened to see few of Central Banks Onsite examination reports, where they were highlighting only on the ownership of those properties, In My opinion they would have easily identified a finance company over 2 Billion FD Base in 2011 with out a much of Interest Income how would they maintain a P&L with a Small profit, Per say if you calculate 2B FD base at 17%  is 340 Million + Staff Cost 12 M x 12 = 144 Million Admin 10M x 12 = 120 Million Average cost is 600 Million where as their interest Income was Less than 100 Million So where is that balance 500 Million???? ( I am sorry guys i am not a financial Expert just using common Sense ) If you calculate for 4 Years if this Scenario works  the Total would be = 2 Billion. And till last December CIFL  P&L never shown any Loss situation, So i would Say they have hide this 2 Billion in the Balance Sheet, that's how the P&L is not Showing any balances, And all these experts in Central Bank Did not See this for last 5 -6 Years??? Al they would have done was issue a direction to the Board of Directors to do a provision for Unearned interest for real estate Projects. And then Company would have find other ways to improve the business or to find fresh capital. And the Directors of CIFL now acts as of they never knew all of these figures. Who have signed their financial Statements? Now they are talking about siphoning Money Out, I dont know whether they had any money to Siphon out, To cover up their loop holes and high level of irresponsibility they comes out with So much of Stories, I saw in Some instances the Staff of CIFL were very determined and enthusiastic to turn around the Business but they were lack of support from the board, But the honest opinion is I never saw the Board of CIFl  had a vision to the Company, Or had a strategy to come out of the situation. I am writing this purely because I worked very closely with the Staff and i saw their efforts, today they have no one, their families are in crisis, depositors are in crisis, Shareholders are in Crisis, and Still the regulator dont talk about the truth, What happened during last 7 years...

Wayne Abbott


Senior Equity Analytic
Senior Equity Analytic
Shenani.Perera.1612 who are you? I have never meet or discussed anything with yourself in the entire time I have invested in Sri Lankan Company!
You are insane to think there is no more than trickery and lies from Deepthi Perera and his associates.
The Share Sale and Purchase agreement forwarded to me by sharmcifl@yahoo.co.uk and deepthi@cifl.lk and signed by Roscoe Anthony Maloney and a Payment schedule of 12 monthly payments signed by K.S.V.Fernando Company Secretary.
Share Sales Agreement reads 12 Monthly payments made in USD but the signed payment schedule by Fernando and Post Dated Cheque copies is in Rupees and also SampathBank cheque has R A Meloney as the owner of account a totally different spelling to signed Share Sale and Purchase Agreement by Roscoe Anthony Maloney
The Lawyer has a signed Transfer of Shares document for my entire shareholding signed by Roscoe maloney witnessed by 4 other witnesses my email is waynestevenabbott@gmail.com and I would welcome forwarding all for viewing to confirm all with post dated cheques in the wrong currency my assurance that all will be paid and if they dont honour payments the Share Sales Agreement states they will request all shareholdings returned to myself if any 12 months of payments is not honoured I leave this to your imigination as the lawyer to follow up all and assure all will be completed is as abovementioned on a Yahoo email account!

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