FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post


ADVERTISE
Poll

EXCHANGE RATE PREDICTION: 2022

 
 
 
 

View results

ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» Breaking News- Kanchana to go to Qatar ; 2 more ministers off to Russia
by Beyondsenses Today at 8:13 am

» PM thanks President Biden for assuring US support to Sri Lanka
by Beyondsenses Today at 8:07 am

» අද රාත්‍රියෙන් පසු, යක්ෂයාගේ හෝරාව ඇරඹේ!
by Beyondsenses Today at 8:03 am

» Sri Lanka Stock Market heading toward ASPI 4500
by God Father Yesterday at 9:14 pm

» Why no power cuts in certain areas of Colombo?
by God Father Yesterday at 8:03 pm

» Expolanka to continue its winning streak
by samaritan Yesterday at 9:49 am

» කොළඹ රාජකීය ගොල්ෆ් සමාජය විසින් රජයේ දේපළ අවභාවිත කිරීම
by ddindika Yesterday at 9:33 am

» LOLC to enter the giant Indian Market
by samaritan Yesterday at 9:17 am

» LOLC HOLDINGS PLC (LOLC.N0000)
by CHRONICLE™ Yesterday at 6:46 am

» SOEs within Minimum Programme for Economic Recovery
by CHRONICLE™ Yesterday at 6:44 am

» COVID WAVES: Can there be another Covid-19 wave in Sri Lanka?
by CHRONICLE™ Yesterday at 6:36 am

» Luminex Limited lists on the Diri Savi Board after a capital raise of Rs. 250 Million
by CHRONICLE™ Yesterday at 6:34 am

» Importance of Agroforestry for Sri Lanka
by CHRONICLE™ Yesterday at 6:31 am

» Nivard Cabraal sets record straight on decision to allow flexibility to the rupee
by God Father Sun Jun 26, 2022 11:15 pm

» Baseless accusations against the former Governor Nivard Cabraal
by ChooBoy Sun Jun 26, 2022 10:44 pm

» Heavy losses at CPC whilst LIOC records profit
by ChooBoy Sun Jun 26, 2022 1:32 pm

» Misuse of government property by Royal Colombo Golf Club
by ChooBoy Sat Jun 25, 2022 12:52 pm

» SL Cauvery and Mannar Basins Petroleum Resource Data Revealed
by samaritan Sat Jun 25, 2022 12:00 pm

» Container shipping stocks routed
by target1 Fri Jun 24, 2022 1:32 pm

» Supply Chain Latest: Ocean Freight Rates Are Falling
by target1 Fri Jun 24, 2022 1:26 pm

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » CIFL depositors unanimously reject the CB restructuring plan

CIFL depositors unanimously reject the CB restructuring plan

+2
smallville
sriranga
6 posters

Go down  Message [Page 1 of 1]

sriranga

sriranga
Co-Admin

MONDAY, 16 SEPTEMBER 2013 12:41

At least 2000 depositors of troubled finance company Central Investment & Finance PLC (CIFL) unanimously rejected the Central Bank’s  restructuring plan and put forward an alternate plan at a packed meeting at New Town hall in Colombo  a short while ago (on Monday).

President of the newly formed CIFL depositors association Piyasena Weerasinghe    said that the committee has devised an alternate plan to resurrect the company.

He said that before resorting to legal action they will discus with the Central Bank to obtain Rs.1 billion of their defaulted money by Aspic Homes, a subsidiary of CIFL for a housing scheme in Homagama to operate the plan initially and later find an investor to make a capital infusion.

The depositors have agreed to block their deposits for two years and  draw the interest at 12 per cent till the company is revived in accordance with the revival plan    

Depositors have put the blame on the Central Bank for the failure to monitor the financial mismanagement of the company directors for allegedly cheating and committing a criminal breach of trust with regards to depositors’ money.

Mr. Weerasinghe told the gathering of disgruntled depositors that the Central Bank has failed to take any action protect the company from collapsing. Instead they have given its consent to appoint Touchwood Group Chairman Roscoe Maloney and wife  as  Chairman and deputy Chairman with an investment of US$12 million and the board of directors of the CIFL has been re-constituted with three Maloney nominees.

But the Maloney couple has failed to infuse the capital investment promised by them placing the company in dire strait, he said adding that the restructuring plan proposed after wards aimed at converting 60 per cent of deposits to non voting shares cannot be acceptable as they will have to wait for seven years to get the balance 40 per cent of their deposits, he said. – Ends -
http://sundaytimes.lk/latest/37608-cifl-depositors-unanimously-reject-the-cb-restructuring-plan.html

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

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Can turn out to be a good plan too..

I think this Central bank also has some agenda here...

Have they not got better financial managers in there to advise of alternative plans rather than appointing PLC as the look-after party?

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics

http://www.dailymirror.lk/news/35482-cifl-directors-to-pay-back.html


Three Directors of the CIFL finance company, who appeared before Fort magistrate for allegedly defrauding depositor’s money, were released on bail after undertaking to pay back the depositor’s money.

The three Directors were released on a personal bail of one million each.(Lakmal Sooriyagoda)

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Three Directors of the CIFL finance company who were summoned before the Colombo Fort Magistrate’s Court for allegedly defrauding depositors by issuing dud cheques were released on bail after undertaking to pay back the depositors’ money.

Three Company Directors – Don Joseph Douglas Jayatilleka, Ajith Prabath Samarasinghe and Premasiri Vithana – had been named as the suspects in three separate cases filed by the Slave Island Police, alleging that the finance company had defrauded three depositors of Rs. 1.1 million by issuing dishonoured cheques.

The three Company Directors were ordered to be released on two sureties of Rs. 1 million each by Magistrate Thilina Gamage and their passports were also ordered to be impounded.

Defence Counsel appearing for the suspects told Court that the finance company was in a position to pay back the monies after receiving the Central Bank’s approval.

However, the Acting Director of the Non Bank Finance Institutions of the Central Bank maintained that the Central Bank never suspended repayments to depositors of this company and further said performance of all functions of the CIFL were under the responsibility of its Board of Directors.

Meanwhile, the Acting Director of the Non Bank Finance Institutions of the Central Bank further told that the administrative activities of the CIFL had been handed over to People’s Leasing Company as the Managing Agent.

Meanwhile, the Magistrate directed the CB that a meeting be arranged with People’s Leasing Company to discuss the possibility of releasing the funds to the depositors and further directed that a report pertaining to the matter be filed before Court on 23 September.
http://www.ft.lk/2013/09/17/three-cifl-directors-get-bail-on-repayment-assurance/

m2_yapa

m2_yapa
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

People's Bank and PLC are also in trouble then how can they solve a problems of another party?

Jana1


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

smallville wrote:Can turn out to be a good plan too..

I think this Central bank also has some agenda here...

Have they not got better financial managers in there to advise of alternative plans rather than appointing PLC as the look-after party?
Genuinely is an expensive gift, U can't expect from cheap people....

(I didn't tell...Smile )

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum