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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Troubled finance company says new investors backtrack from US$12mn promise

Troubled finance company says new investors backtrack from US$12mn promise

+2
Slstock
sriranga
6 posters

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sriranga

sriranga
Co-Admin
Troubled finance company Central Investments and Finance Ltd (CIFL) said the chances of getting a US$ 12 million capital infusion were ‘very’ remote after new investors backtracked from their commitment.

Roscoe and Swarna Meloney had told the Central Bank that they would invest US$ 12 million in CIFL and were appointed to the CIFL board. They had also appointed one of their nominees, Dulan Hettiarachchi, as an independent non-executive director. The Central Bank had sanctioned these appointments on May 02, 2013.

"The new investors did not bring in the cash infusion of US$ 12 million to CIFL as promised in their previous correspondence with the Central Bank," CIFL said in a stock exchange filing yesterday (13).

"As the new investors failed to fulfil their promises, the Central Bank issued a new directive on July 01 appointing People’s Leasing and Finance PLC as managing agents of CIFL and was authorised to prepare and submit a revival plan for CIFL by July 31, which is currently being finalised," CIFL said.

"Accordingly, the chances of the new investors bringing in any such new capital in the future are very remote," the troubled company said.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=85753

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

sriranga

sriranga
Co-Admin
http://www.cse.lk/cmt/upload_cse_announcements/9241376393948_.pdf

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

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Maloney's are blackening their names further.

K.Haputantri

K.Haputantri
Co-Admin
Now only CIFL has become transarant. I hope PLC will be able to usher it on the right path. I think new investors, if any, can safely work with PLC.

pgcpriyantha


Equity Analytic
Equity Analytic
who is the next big buyer of CIFL ? Laughing Laughing Laughing Laughing

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
As I know, PLC has a good management specially regarding lease.

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
So this yet again proves "Regulated by Central Bank" means nothing.

Always ready to close the door after horse has bolted.

And what the hell is the job of these so called auditing firms..?


http://forum.srilankaequity.com/t30289-warning-request#178619

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
So that big news was a bait, to dump some more.

Sponsored content


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