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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Some thought about CIFL....

Some thought about CIFL....

Go down  Message [Page 1 of 1]

1Some thought about CIFL.... Empty Some thought about CIFL.... Tue Oct 15, 2013 6:47 am

hawklk


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

http://www.sundaytimes.lk/131013/news/faults-and-frauds-of-a-failed-finance-firm-65628.html

Some points from the article....(Hopefully most of them read it)

Papers submitted to the Court of Appeal last week revealed that

** States that CIFL was dependent on new deposits to meet expenses and repayments
** It said the company had no earnings from 61.4% of assets concentrated on real estate.
** Non-performing accommodations (NPA) –loans that are in jeopardy of default
** the company was run without a dedicated credit committee
** Loans were also given to some individuals without security.
** The company did not hold legal ownership for six properties amounting to Rs. 984 million of the balance sheet and 97 per cent of its real estate assets. It had title to just three properties worth Rs. 42 million.

And many more.....

Evil or Very Mad Mad 

2Some thought about CIFL.... Empty Re: Some thought about CIFL.... Tue Oct 15, 2013 7:44 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
http://forum.srilankaequity.com/t31167-cbsl-knew-cifl-was-in-a-nosedive-in-2011

Wayne Abbott


Senior Equity Analytic
Senior Equity Analytic
@hawklk wrote:
http://www.sundaytimes.lk/131013/news/faults-and-frauds-of-a-failed-finance-firm-65628.html

Some points from the article....(Hopefully most of them read it)

Papers submitted to the Court of Appeal last week revealed that

** States that CIFL was dependent on new deposits to meet expenses and repayments
** It said the company had no earnings from 61.4% of assets concentrated on real estate.
** Non-performing accommodations (NPA) –loans that are in jeopardy of default
** the company was run without a dedicated credit committee
** Loans were also given to some individuals without security.
** The company did not hold legal ownership for six properties amounting to Rs. 984 million of the balance sheet and 97 per cent of its real estate assets. It had title to just three properties worth Rs. 42 million.

And many more.....
 
Deepthi Perera has absconded from Sri Lanka without any repercussions,he coordinated and organized all within CIFL

Deepthi Perera controlled the majority stake of the CIFL finance company owned directly via Aspic Corporation shareholdings and Deepthi Perera personal shareholdings within Aspic which made up the majority shareholding of CIFL prior to IPO

Now he has left and sold to Roscoe Maloney (Touchwood)

Need I state anymore it is clearly evident!

Regards

Wayne Abbott

Foreign Investor (Illegally produced paperwork from Deepthi Perera for inducement into Company)
Evil or Very Mad Mad

4Some thought about CIFL.... Empty Re: Some thought about CIFL.... Thu Oct 17, 2013 3:55 am

Wayne Abbott


Senior Equity Analytic
Senior Equity Analytic
@hawklk wrote:
http://www.sundaytimes.lk/131013/news/faults-and-frauds-of-a-failed-finance-firm-65628.html

Some points from the article....(Hopefully most of them read it)

Papers submitted to the Court of Appeal last week revealed that

** States that CIFL was dependent on new deposits to meet expenses and repayments
** It said the company had no earnings from 61.4% of assets concentrated on real estate.
** Non-performing accommodations (NPA) –loans that are in jeopardy of default
** the company was run without a dedicated credit committee
** Loans were also given to some individuals without security.
** The company did not hold legal ownership for six properties amounting to Rs. 984 million of the balance sheet and 97 per cent of its real estate assets. It had title to just three properties worth Rs. 42 million.

And many more.....
Deepthi Perera has absconded from Sri Lanka without any repercussions,he coordinated and organized all within CIFL

Deepthi Perera controlled the majority stake of the CIFL finance company owned directly via Aspic Corporation shareholdings and Deepthi Perera personal shareholdings within Aspic which made up the majority shareholding of CIFL prior to IPO

Now he has left and sold to Roscoe Maloney (Touchwood)

Need I state anymore it is clearly evident!

Regards

Wayne Abbott


Deepthi Perera controlled all as follows

Aspic Corporation was the Majority shareholder of CIFL before IPO with Deepthi Perera the majority shareholder of Aspic Corporation=Control

Foreign Investor (Illegally produced paperwork from Deepthi Perera for inducement into Company)
Evil or Very Mad Mad [/quote]

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