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.....