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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Twenty more cases filed against CIFL by depositors

Twenty more cases filed against CIFL by depositors

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1Twenty more cases filed against CIFL by depositors Empty Six more cases filed against CIFL Wed Sep 04, 2013 1:29 am

sriranga

sriranga
Co-Admin
By Lakmal Sooriyagoda
In the backdrop of constantly receiving complaints against finance companies, the Colombo Fraud Investigations Bureau (CFIB) yesterday filed six other cases in Court against Central Investments & Finance Ltd. (CIFL), alleging that the finance company is alleged to have cheated Rs. 9.8 million belonging to six depositors.

Lodging complaints with the CFIB, the six depositors who invested their money in CIFL stated that they trusted the finance company concerned since it was a registered company under the Central Bank and that the company promised to pay a higher interest rate for the deposited money. They further alleged that though they had made requests that the deposited money be paid back with the dividends, the finance company failed to do so.

Migara Gunaratne, one of the depositors who invested money in this company, told tge Police that he deposited a sum of Rs. 1 million in CIFL as it promised to pay 15.5% interest for the deposited money. He told Police that he received a letter from CIFL under the signature of its Chairman Roscoe Maloney on 22 May this year stating that the company was heading for a new journey. He further stated that he only received a sum of Rs.15,000 as dividends and he was yet to receive the remainder,

Meanwhile, the complainant further told Police that he had also made a complaint to the Director of the Central Bank in this regard. Subsequently, the Central Bank had informed him that the administrative activities of CIFL had been handed over to People’s Leasing and Finance Plc., a subsidiary of People’s Bank.

Meanwhile, the Slave Island Police had also informed Court that it had received more than 70 complaints against CIFL. Accordingly, Colombo Fort Magistrate Thilina Gamage yesterday issued notice returnable on 16 September on three Directors of CIFL.
http://www.ft.lk/2013/09/04/six-more-cases-filed-against-cifl/

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

shehani.perera.1612

shehani.perera.1612
Equity Analytic
Equity Analytic
This CIFL directors always act like babies, other than Prabath Samarasingha and Gamini Karunathilaka all the other clowns were there since IPO time which is more than two years, what are they talking about now. If they don't know about the history why they become Directors of the company and waited 2 years. Lakshman Rupasingha is a Charted Accountant and he recruited their previous CFO Hemanthi Kevitiyagala as well. They were Two who sign financials of the Company for the IPO. Now what is there to talk about. According to the employees they were paying interest and capital for depositors till December until this clown from Central Bank stop payments where company went downhill now all the jokers get together and blaming the history for this. Innocent depositors at risk. I will be posting very important information with source documents about their work very soon, then you will realize this so called expert directors how they work.

sriranga

sriranga
Co-Admin
http://www.cse.lk/cmt/upload_cse_announcements/4651378350677_.pdf

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

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
By Lakmal Sooriyagoda

The Colombo Fraud Investigations Bureau (CFIB) yesterday filed 20 more cases in Court against Central Investments & Finance Ltd. (CIFL), alleging that the finance company is said to have cheated millions of rupees from 20 depositors.

Meanwhile, Colombo Fort Magistrate Thilina Gamage ordered the Manager of CIFL to hand over all account statements pertaining to the 20 depositors to the Police for further investigations. The fresh cases were on top about seven filed last week.

Making their complaints with the CFIB, the depositors who invested their money in CIFL stated that they tended to trust the concerned finance company since it was a registered company under the Central Bank and that the company promised to pay a higher interest rate for the deposited money.

They further alleged that although they had made requests that the deposited money be paid back with the dividends included, the finance company had failed to do so. The complainants said that they invested their money in the company as it promised to pay a higher interest rate (over 15%) for the deposited money.

CIFL is alleged to have cheated depositors of millions of rupees and the exact amount is yet to be ascertained as it will depend on any new complaints.

Meanwhile, the Slave Island Police informed Court that they had received more than 70 complaints against the company to date. Accordingly, Colombo Fort Magistrate Thilina Gamage issued notice returnable on 16 September on three CIFL Directors.
http://www.ft.lk/2013/09/10/twenty-more-cases-filed-against-cifl-by-depositors/

Jana1


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Another article about CIFL. See how CBSL promoted CIFL during July...Sad

http://www.sundaytimes.lk/130908/news/angry-depositors-slam-central-bank-as-another-finance-company-falters-61407.html

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