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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » No withdrawwals of CIFL deposits

No withdrawwals of CIFL deposits

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21No withdrawwals of CIFL deposits - Page 2 Empty Re: No withdrawwals of CIFL deposits Thu Sep 05, 2013 9:02 pm

smallville


Associate Director - Equity Analytics
Associate Director - Equity Analytics
@Chinwi wrote:What is this ?

This statement is taken from Kanrich Annual report:

"The word Kanrich is a Sinhalese word meaning mutual wish or the agreement of a group. It signifies our philosophy of ....."

Can any person who knows Sinhala  explain this ?
Mata me wage sinhala wachanayak ennema naha
Kanrich = Kan Rich = Can Rich Twisted Evil Twisted Evil 


Both CIFL & Kanrich wanted their customers to get rich initially and when they feel the taste, they'll come back and put more and more money withdrawing from other places too..
This is like how some traveling companies promote their business by offering accommodation free or for a concession rate to various countries under the guise of raffle-draws hoping that the potential candidates will use their accommodation next time and spread the word of mouth.
How'd these finance companies done it? They offered their customers higher FD rates than what's approved by CB.

To evade the regulations, they give some portion of the interest upfront, following Sakvithi's
style..

Do we have to anticipate a downfall further???

more on this..

http://www.srilankamirror.lk/biz/7874-ci-fl-and-kanrich-following-sakvithi-steps

I dont think shehani perera knows anything here either... Is she/he trying to mislead us when we have some idea on this case?? Shame haa

22No withdrawwals of CIFL deposits - Page 2 Empty Re: No withdrawwals of CIFL deposits Thu Sep 05, 2013 10:02 pm

Roboticfx


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
We cannot believe either Wayne or Shehani, because it seems both of them know something than they show outside. I suppose too that Shehani has a relationship with one of these troubled companies (Actually troubled is CIFL) and there are hidden facts of Wayne what he did not expose.
It looks Shehani knows much about Wayne and related business affairs. If this situation continues, more news will come out.

However, I'm watching at this with naked eyes.


23No withdrawwals of CIFL deposits - Page 2 Empty Re: No withdrawwals of CIFL deposits Thu Sep 05, 2013 10:10 pm

Chinwi


Associate Director - Equity Analytics
Associate Director - Equity Analytics
I have no personal links or problems with any of these so called finance companies.

I went through the Balance Sheets of all three companies mentioned above and I feel Kanrich is in the middle of same destiny of its already dead brother. I wish I am wrong.
I am sure the management has the knowledge to foreseen this .

BTW, you can't see the same vulnerable situation in other two. -Softlogic and Bartleet-

Problems of CIFL aggregated mainly due to heavy investment in non-selling Lands using interest paying capital.
You can see somewhat a same picture in Kanrich also.

They have to generate money to pay interest to other parties -including depositors-  for 1432 million (1.43 billion) Rupees.

They have only 731 million in interest generating places. (50%)

Rs. 668 million is struck in land stocks.  All know, the present situation of land sales are not good for any company or individuals. land values are going down or stopped appreciation in many places.

I hope they will convert those lands into cash before it is too late.

No withdrawwals of CIFL deposits - Page 2 Can_ri10

--- ---

Small, they clearly  say it is a Sinhala word .
"The word Kanrich is a Sinhalese word...

24No withdrawwals of CIFL deposits - Page 2 Empty Re: No withdrawwals of CIFL deposits Thu Sep 05, 2013 10:45 pm

Roboticfx


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Yes Chinwi, I just referred to the Kanrich 2012 report and it shows a need of maintaining more liquidity.
Cash flow from operating activities shows a minus value while the total flow is a minus value. They had generated cash through sales of real estates.

**Loans and advances has increased by 346% while the total deposits has increased by 30%. It has reasoned to the negative of cash flow much.

Anyone can explain the legal side of this? I have low knowledge about finance law.

25No withdrawwals of CIFL deposits - Page 2 Empty Re: No withdrawwals of CIFL deposits Thu Sep 05, 2013 11:27 pm

shehani.perera.1612


Equity Analytic
Equity Analytic
@Roboticfx wrote:We cannot believe either Wayne or Shehani, because it seems both of them know something than they show outside. I suppose too that Shehani has a relationship with one of these troubled companies (Actually troubled is CIFL) and there are hidden facts of Wayne what he did not expose.
It looks Shehani knows much about Wayne and related business affairs. If this situation continues, more news will come out.

However, I'm watching at this with naked eyes.


Dear Friends,

I just thought of a small clarification on my relationship with these companies, I am currently working for a Company who provide services for Both these Finance companies and previously we provided all the secretarial work for Aspic Corporation. I have worked with most of the Directors and Current and previous chairman s of this group. I knew most of the Transactions and investments they made and rational behind those investments, (this does not mean I am in agreement to those investments) How ever I had chances of meeting some interesting people during last 7 years, Including Mr. Wayne Abbott, Mrs.J Warwick, Mr.J Rudford, Mr, Jonathan Spencer, who are Investors of the Group. Yes I am agreeing with you I know more than I state, But I respect the customers privacy as well, I came to the Forum because currently I am preparing for my case study and I am taking most of the information from this Group. But I do believe if some one is trying to create a wrong impression about another person i a public forum like this we must speak.

26No withdrawwals of CIFL deposits - Page 2 Empty Re: No withdrawwals of CIFL deposits Thu Sep 05, 2013 11:29 pm

shehani.perera.1612

shehani.perera.1612
Equity Analytic
Equity Analytic
http://lankaenews.com/English/news.php?id=13834

27No withdrawwals of CIFL deposits - Page 2 Empty Re: No withdrawwals of CIFL deposits Fri Sep 06, 2013 12:45 am

NUINTH


Senior Equity Analytic
Senior Equity Analytic
Hi,
This is my personal view.

I like to read history of above companies, what happened & what is hapening now. But, what can we get from these two characters Wayne & Shenani ? For me they are wasting our time & badly used this forum for mud sliding.

I like this forum.

28No withdrawwals of CIFL deposits - Page 2 Empty Re: No withdrawwals of CIFL deposits Fri Sep 06, 2013 12:57 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
You never sent me any doc proof, I requested via PM.




@Wayne Abbott wrote:Shenani Perera is in denial and is trying to boost support to a Company that has illegally operated and is now clearly evident for all to see in which I have personally submitted many letters to the governing bodies of these criminals with no replies

29No withdrawwals of CIFL deposits - Page 2 Empty Re: No withdrawwals of CIFL deposits Fri Sep 06, 2013 10:29 am

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@shehani

I don't mean what u say are false but there are not sufficient evidences to keep faith and it tend us to think that they mislead users.

Please provide factors for facts you state. Anyhow thanks for your contribution specially to understand the nature of Mr. Wayne.

I have few question to ask from you what will be very useful to everybody.

1. What was the incident happened and nature of connection between Wayne and CIFL?

2.Still the new investor of CIFL has not acquired its liabilities. Why?

30No withdrawwals of CIFL deposits - Page 2 Empty Re: No withdrawwals of CIFL deposits Fri Sep 06, 2013 12:42 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
This is a true story.

A Muslim person, a charted accountant, served in Middle East for  many years , came back and deposited million with CIFL .
I warned him 2 years ago, he never took it seriously. (By the way, I have no any big qualifications in  financial field. )
Now he is suffering.

That is not the story.  
His Sinhalese wife, a retired Audit Officer! has given all her money , some millions,  to Kanrich and she proudly says she will get very high return.

I discussed this at home.
My wife has called her and told her "Be careful. When Sakwithi was teaching English in TV , Chinwi branded him as a crook. No one believed at that time.
Then he warned XXX malli about GREG.  Remember ? he warned your husband about CIFL. Now he is not happy about your investment. Think  seriously.  I am sure he has developed some sort of power to see the future.!  "එයාට ඉස්සරහට වෙන දේවල් පේන මොකක් හරි බලයක් ඇති .!

My wife actually believes  I have some power to predict the future ! Very Happy   හිනා කාල මැරෙනවා

හැබැයි මහත්තයට උන දේම නෝනටත් උනොත් පවුම තමයි.  පවුලේ සේසතම ඉවරයි. කාටවත් කරදරයක් නැති අහින්සක මිනිස්සු .

31No withdrawwals of CIFL deposits - Page 2 Empty Re: No withdrawwals of CIFL deposits Fri Sep 06, 2013 1:44 pm

shehani.perera.1612

shehani.perera.1612
Equity Analytic
Equity Analytic
@Roboticfx wrote:@shehani

I don't mean what u say are false but there are not sufficient evidences to keep faith and it tend us to think that they mislead users.

Please provide factors for facts you state. Anyhow thanks for your contribution specially to understand the nature of Mr. Wayne.

I have few question to ask from you what will be very useful to everybody.

1. What was the incident happened and nature of connection between Wayne and CIFL?

2.Still the new investor of CIFL has not acquired its liabilities. Why?

 
Hi Roboticfix,

Mr.Abbott came from Dubai to Sri Lanka and initially gave a loan to Aspic Corporation. This was for the funding of few Projects Including and apartment project and also to bridge the finances to purchase CIFL. But after the take over He wanted the Shares of Aspic Corporation, and cancel the loan documents and he wanted the Shares. So Aspic Obtained BOI approval and issued him the Shares. Even on the BOI application there was nothing about CIFL. He is an investor for Aspic Corporation. He came for AGM's and lately he had some issues so he could not attend to the meetings, How ever Aspic Did not declare any dividends they kept on expanding with their profits, with out dividend declarations. This happened until the financial crisis in 2009 where the Group lost all of their assets. Even thought the Group did not purchase Assets with Industrial Finance or Asset management funds they have to give most of the Assets to Bridge the Inherited Gaps in the Industrial Finance Balance Sheet. So the Asset Values of Aspic Has drastically reduced where he think the Directors have taken the assets and sold. How ever he is not a share Holder of CIFL in any ways but a Share Holder of Aspic Corporation.

If you are referring as the New Investor to Maloney Family, the simple reason is they got no money to Invest, I feel they planned to Invest the touchwood Tree Sales Proceeds as a debenture to CIFL, How ever I saw a communication from CBSL that they cannot invest as Debentures they have to Invest as Capital. What ever it is it was a false commitment they gave by knowing they haven't got any money to Invest, During the Same time CBSL went on saying CIFL assets go no Values so Maloney's took it for their advantage, they tool the position saying that why should we invest for company got no assets, and slide away from the commitment. But I know they have visited most of the Assets of CIFL and have done their evaluations Prior to this commitment.

32No withdrawwals of CIFL deposits - Page 2 Empty Re: No withdrawwals of CIFL deposits Fri Sep 06, 2013 2:01 pm

aiyosalli

aiyosalli
Manager - Equity Analytics
Manager - Equity Analytics
Good one.Thanks

33No withdrawwals of CIFL deposits - Page 2 Empty Re: No withdrawwals of CIFL deposits Fri Sep 06, 2013 5:32 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@shehani.perera.1612 wrote:

If you are referring as the New Investor to Maloney Family, the simple reason is they got no money to Invest, I feel they planned to Invest the touchwood Tree Sales Proceeds as a debenture to CIFL, How ever I saw a communication from CBSL that they cannot invest as Debentures they have to Invest as Capital. What ever it is it was a false commitment they gave by knowing they haven't got any money to Invest, During the Same time CBSL went on saying CIFL assets go no Values so Maloney's took it for their advantage, they tool the position saying that why should we invest for company got no assets, and slide away from the commitment. But I know they have visited most of the Assets of CIFL and have done their evaluations Prior to this commitment.
Thanks for your time in explaining the details.. U say that Maloney has no money.. What happened to the sale proceeds of TWOD? I thot he's bringing in that money to CIFL to revive it..
Then if he could not, for some reasons, why it was published that he'd bring money??? That's so wrong of Maloney.. that's why we're not clearing his name here..
They could've at any time declare that they could not bring in money then public would've understood.. But instead, they clearly mislead the public..

Anyways, the impression we, at our forum had on CIFL from the IPO stage was not good either.. We discussed and warned our members of the anticipated dramas many times.. Obviously, broker reports were there recommending to buy (they never ask their clients to back out from IPOs, that's a diff. story...) But we said this was a hoax..

I dont know whether these are punishable offenses in SL.

The link u gave is not accessible in SL (banned)
http://lankaenews.com/English/news.php?id=13834

U may be able to view it cuz ur not in SL these days Cool 

34No withdrawwals of CIFL deposits - Page 2 Empty Re: No withdrawwals of CIFL deposits Fri Sep 06, 2013 6:06 pm

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@ smallville and others

Here is the working link. A simple strategy. Wink

http://lankaenews.com/English/news.php?id=13834

35No withdrawwals of CIFL deposits - Page 2 Empty Re: No withdrawwals of CIFL deposits Fri Sep 06, 2013 6:13 pm

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Thank you Shehani,

So, How CIFL come out of this problem? Where is money?

36No withdrawwals of CIFL deposits - Page 2 Empty Re: No withdrawwals of CIFL deposits Fri Sep 06, 2013 10:40 pm

shehani.perera.1612

shehani.perera.1612
Equity Analytic
Equity Analytic
Hi Guys,

We don't have to clear their names whole country will know they have done very soon, they have mislead not only us but staff,depositors, many people around them, I have non idea about their sale, but I know they don't have money to invest

And to go to the link, you don't have to be out of SL you can go to intermediate web site such as, hxxxx my axx and many more, how ever I do know admins and moderators have the access to the IP address of the contributors for your forum, I appreciate if you do respect the privacy of us due to many reasons, I consider this forum as a clean place we must keep it that way.

And i don't think money only can help CIFL now. CBSL and the directors have devalue the company, it's like you dig your own grave and who will invest when the authority him self says it's crap. This is already a sad story,

37No withdrawwals of CIFL deposits - Page 2 Empty Re: No withdrawwals of CIFL deposits Mon Sep 09, 2013 10:39 am

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Our Abbott's someone, Tony Abbott is the new PM of Australia.

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