Some thought about CIFL....

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

hawklk

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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

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

Redbulls

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

Wayne Abbott

Wayne Abbott

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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

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

Wayne Abbott

Senior Equity Analytic

Posts : 80
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Join date : 2013-07-19

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