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.