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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » CBSL knew CIFL was in a nosedive in 2011

CBSL knew CIFL was in a nosedive in 2011

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1CBSL knew CIFL was in a nosedive in 2011 Empty CBSL knew CIFL was in a nosedive in 2011 Sun Oct 13, 2013 1:22 pm

sriranga

sriranga
Co-Admin
By Namini Wijedasa

The Central Bank of Sri Lanka (CBSL) knew of a crisis at Central Investments and Finance Ltd (CIFL) as far back as 2011, even stating in internal reports that the Company was “operating as a ponzi scheme”. Matters only came to head in July 2013, when CBSL acknowledged “prevailing liquidity and management issues of CIFL” and appointed People’s Leasing and Finance PLC as the Company’s managing agent.

However, in a statutory examination of the troubled finance company conducted in June 2011, the CBSL found that, “the overall risk exposure of CIFL was considered very high, given the inadequacy of resources to mitigate the risks”. “Currently with no earnings from 61.4 per cent assets concentration in real estate, CIFL is dependent on new deposits to meet expenses and repayments, thus operating as a ponzi scheme,” a report based on the findings states.

Despite the damning report, the CBSL, which is the regulator, allowed CIFL to continue canvassing for and accepting deposits from the public till June 2013. A copy of the document was filed with the Court of Appeal on Friday, when a petition by CIFL depositors complaining of unlawful activities in breach of the Finance Business Act was heard.

Petitioners are seeking a writ order to compel, among others, the Monetary Board, the Central Bank Governor, the Finance Ministry Secretary, the Central Bank and the Director of Supervision of Non-Banking Financial Institutions to take measures to ensure CIFL pays back their funds and interest.

The Sunday Times saw the report as well as a letter sent by the CBSL to the directors of CIFL in July 2011, describing the findings of its on-site examination. The inspection found that, “CIFL, which is in the Aspic Group, continues unethical, fraudulent business practices specifically with respect to real estate transactions similar to those found in the other group companies such as Industrial Finance Ltd (IFL), a distressed RFC (Registered Finance Company).”

The CBSL report has highlighted key weaknesses in the Company’s credit administration including the absence of a Credit Committee; the non-availability of an officer-in-charge (OIC) for the Credit Division; inadequacy of information received for CBSL examination; non-availability of proper customer evaluation; unethical credit-related practices and recoveries not properly monitored.

The report also pointed out that the Company was not charging a default interest or documentation fee; showed inaccurate interest computation; had deviated from Board approvals; had incomplete credit documentation; and had granted loans exceeding the value of pawned articles.

“The Company does not hold legal ownership for six properties amounting to Rs. 984 million of the balance sheet and 97 per cent of the real estate assets,” the CBSL observes. “The Company holds ownership of only three properties worth Rs. 42 million.”

The CBSL had held meetings with CIFL’s Board of Directors in 2011 to discuss violations and supervisory concerns. However, it is not clear from the submitted documents what actions were taken by the Company to remedy the situation.
http://www.sundaytimes.lk/131013/news/cbsl-knew-cifl-was-in-a-nosedive-in-2011-65707.html

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

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Board of Directors 2010-2011 period

http://web.archive.org/web/20110905161707/http://www.cifl.lk/aboutUs/board_of_dir.html

Lanka Securities IPO report Recommended for buying ! ( we tried our best to give the real picture of this $hit organization to the visiters of SLEquity)
http://web.archive.org/liveweb/http://www.cifl.lk/ipo/researchReport.pdf

hettdas

hettdas
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Chinwi wrote:Board of Directors 2010-2011 period

http://web.archive.org/web/20110905161707/http://www.cifl.lk/aboutUs/board_of_dir.html

Lanka Securities IPO report Recommended for buying ! ( we tried our best to give the real picture of this $hit organization to the visiters of SLEquity)
http://web.archive.org/liveweb/http://www.cifl.lk/ipo/researchReport.pdf
Yes. We can understand how much talented the research team of recommender "Lanka Securites" Question Question 

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
All members of  Board of Directors are highly qualified people during 2010-2011

So what happen to CIFL ?

This may be a good case study for a MBA Student of any SL university

If you know the reason pl explain

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
CIFL Directors may be a good example to prove

Education is useless

somembody said Minister Prof ........ is living example for "Education is useless"

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I think there is nothing to do with the Education.. Simply this is what happen when crooks run the system

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Who are the crooks run the system?

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
As my memory serves, none of the broker firms let down any IPO. They've been busy forecasting revenues and BUY recons based on those.
Some good epic failures are; SHL, PCH, Anilana...

All had price targets for afforesaid.

In addition, none expected a market crash too..

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@D.G.Dayaratne wrote:Who are the crooks run the system?
This is what you are talking in most your threads..

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Another good example of broker credibility. LANKA SECURITIES..

Now they are asking for more brokerage.. are they??

Wayne Abbott


Senior Equity Analytic
Senior Equity Analytic
@gamaya wrote:Another good example of broker credibility. LANKA SECURITIES..

Now they are asking for more brokerage.. are they??
CIFL was owned by Aspic Corporation and Deepthi Perera then sold to Roscoe Maloney (Touchwood) IN 2013 who allowed this to happen and what board meeting was coordinated to have this agreed!

Deepthi Perera largest private shareholder of CIFL and Aspic suddenly sells all his shareholdings to Roscoe Maloney and sells shareholdings only months after the IPO of CIFL,

Deepthi Perera comes on forum stating he had No Control of CIFL this is not the situation when you consider CIFL was owned by Aspic and Deepthi Perera's personal/ private shareholdings of Aspic made up the majority of the CIFL shareholdings (Then Deepthi Perera all gone after IPO of CIFL

Roscoe Maloney (Touchwood fame)purchases Aspic? which is the majority shareholder of CIFL ,as well as Deepthi Perera's personal shareholdings within CIFL?

Then Deepthi Perera comes onto this Forum and states he has done no wrong had No Control of company?Smallville agrees with most every detail (Lie) Deepthi the spin doctor states

Deepthi Perera Homagana project? need I continue? how did he finance all these projects and who was instrumental in having CIFL finance them?

CIFL IPO how did this happen with specific and doctored accounts in conjunction with K.S.V.Fernando Company Secretary Accountant sharmcifl@yahoo.co.uk 166D Hulftdorp Street, Colombo-12 T.P.07186990256 and Deepthi Perera Canrich Company/Deepthi Perera is allowed to escape by authorities Monday September 30,2013 per CIFL deposit holders association the list is endless of failed Finance companies and the list of people he has stolen from WHY? has he been allowed to walk away free as a bird to follow up his other project in Cambodia with Roscoe Maloney (Per sold out shareholdings)
Deepthi perera has admitted on this very Forum he has been in cambodia as recentlyas the last fortnight

Touchwood Roscoe Maloney has fled Sri Lanka as Has Deepthi perera to further their criminal ways and fleece further investors and good people with no repercussions what so ever?

I will be broadcasting the lunacy of the BOI in sri lanka who at No Time assisted me in having my funds which have been stolen returned by the criminal Deepthi Perera!

Regards

Wayne Abbott

Australian Cheated Foreign Investor

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Wayne, I clearly told you to send me the docs to ascertain your alligations weeks before.. But so far you've failed to comply with my request.
Looks to me ur a big liar than Deepthi now.. Laughing 

So pls refrain from whining on every CIFL or TWOD post about ur mishap.. This is the final warning or get banned.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Yes, I have asked Wayne for several months now. I wasted so much of my time.
Last time he wanted an email address and I gave it.

Wayne,

We have given you the opportunity to meet Deepthi through the forum and help you so much with inputs to sort your your matter. We dedicated our volunteer time over this.

I have lost faith in you. I am no more interested in this.

You made you case over and over again. No more complaints or posts on CIFL as Smallville said.

This is my final warning too.






Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@ Admin,
Be careful winston can send his FBI agents or etc etc to your door.lol! lol! 
No mercy needs to banned these type of bas*****.

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@Redbulls wrote:@ Admin,
Be careful winston can send his FBI agents or etc etc to your door.lol! lol! 
No mercy needs to banned these type of bas*****.
I'm waiting for FXX to arrive in SL.. He's in to CCTV business.. Gotta order few cameras and secure my house..

tongue 

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