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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » CIFL revival with Rs.1 bln capital infusion

CIFL revival with Rs.1 bln capital infusion

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sriranga

sriranga
Co-Admin
People’s Leasing Company (PLC), Managing Agent of Central Investment and Finance Company PLC (CIFL), is looking for new investors willing to part with Rs.1 billion under the Business Restructuring Plan (BRP), informed sources said.

Negotiations are underway to transfer a valuable land belonging to Aspic Corporation of former CIFL Chairman Deepthi Perera to PLC, an official who wished to be anonymous told Business Times. The Central Bank (CB) is also considering pumping in Rs. 500 million under the Liquidity Support Scheme (LSS), he added. The scheme was introduced by the Central Bank (CB) recently for any licensed finance company (LFC) that faces liquidity constraints, to enable them to revive and restructure its operations. According to Central Bank sources, the liquidity support would be provided via the LSS of the Sri Lanka Deposit Insurance Fund (SLDIF), and would be granted on a case by case basis, after an assessment of the liquidity position of the particular LFC.

The regulator however didn’t take any remedial action when it detected serious malpractices committed by CIFL directors in a 2011 audit probe report which has been filed in courts revealed. When asked as to why the CB has failed take action at that time, H. M. Ekanayake, Director of the CB’s Department of Supervision of Non-Bank Financial Institutions said that he cannot comment on a matter which is before courts.

At present the CIFL is not paying back deposits as it is facing difficulties even to meet day-to-day expenses of the company. The Business Restructuring Plan (BRP) has proposed the conversion of 60 per cent of existing public deposits worth Rs. 3.4 billion into non-voting shares subject to the consent of the depositors and to pay the remaining deposits after a grace period of two years. It had further proposed to pay an interest rate of 5% on outstanding deposits from the date the capital infusion takes place.
http://www.sundaytimes.lk/131027/business-times/cifl-revival-with-rs-1-bln-capital-infusion-66723.html

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

sriranga

sriranga
Co-Admin
http://www.sundaytimes.lk/131027/business-times/cifl-ran-like-a-ponzi-scheme-cb-audit-in-2011says-66714.html

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

sriranga

sriranga
Co-Admin
http://www.sundaytimes.lk/131027/business-times/cifl-when-the-chicken-flew-the-coop-66710.html

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

Deepthi_Perera1971


Senior Equity Analytic
Senior Equity Analytic
@sriranga wrote:People’s Leasing Company (PLC), Managing Agent of Central Investment and Finance Company PLC (CIFL), is looking for new investors willing to part with Rs.1 billion under the Business Restructuring Plan (BRP), informed sources said.

Negotiations are underway to transfer a valuable land belonging to Aspic Corporation of former CIFL Chairman Deepthi Perera to PLC, an official who wished to be anonymous told Business Times. The Central Bank (CB) is also considering pumping in Rs. 500 million under the Liquidity Support Scheme (LSS), he added. The scheme was introduced by the Central Bank (CB) recently for any licensed finance company (LFC) that faces liquidity constraints, to enable them to revive and restructure its operations. According to Central Bank sources, the liquidity support would be provided via the LSS of the Sri Lanka Deposit Insurance Fund (SLDIF), and would be granted on a case by case basis, after an assessment of the liquidity position of the particular LFC.

The regulator however didn’t take any remedial action when it detected serious malpractices committed by CIFL directors in a 2011 audit probe report which has been filed in courts revealed. When asked as to why the CB has failed take action at that time, H. M. Ekanayake, Director of the CB’s Department of Supervision of Non-Bank Financial Institutions said that he cannot comment on a matter which is before courts.

At present the CIFL is not paying back deposits as it is facing difficulties even to meet day-to-day expenses of the company. The Business Restructuring Plan (BRP) has proposed the conversion of 60 per cent of existing public deposits worth Rs. 3.4 billion into non-voting shares subject to the consent of the depositors and to pay the remaining deposits after a grace period of two years. It had further proposed to pay an interest rate of 5% on outstanding deposits from the date the capital infusion takes place.
http://www.sundaytimes.lk/131027/business-times/cifl-revival-with-rs-1-bln-capital-infusion-66723.html

NO this report is not true. No one approached me asking to transfer any of My assets, Or Aspic Corporations Assets. CIFL was trying to Get the assets transfer which were belong to ASPIC Homes. So this report is not correct.

K.Haputantri

K.Haputantri
Co-Admin
CIFL revival with Rs.1 bln capital infusion
Sunday Island

People’s Leasing Company (PLC), Managing Agent of Central Investment and Finance Company PLC (CIFL), is looking for new investors willing to part with Rs.1 billion under the Business Restructuring Plan (BRP), informed sources said.
Negotiations are underway to transfer a valuable land belonging to Aspic Corporation of former CIFL Chairman Deepthi Perera to PLC, an official who wished to be anonymous told Business Times. The Central Bank (CB) is also considering pumping in Rs. 500 million under the Liquidity Support Scheme (LSS), he added. The scheme was introduced by the Central Bank (CB) recently for any licensed finance company (LFC) that faces liquidity constraints, to enable them to revive and restructure its operations. According to Central Bank sources, the liquidity support would be provided via the LSS of the Sri Lanka Deposit Insurance Fund (SLDIF), and would be granted on a case by case basis, after an assessment of the liquidity position of the particular LFC.
The regulator however didn’t take any remedial action when it detected serious malpractices committed by CIFL directors in a 2011 audit probe report which has been filed in courts revealed. When asked as to why the CB has failed take action at that time, H. M. Ekanayake, Director of the CB’s Department of Supervision of Non-Bank Financial Institutions said that he cannot comment on a matter which is before courts.
At present the CIFL is not paying back deposits as it is facing difficulties even to meet day-to-day expenses of the company. The Business Restructuring Plan (BRP) has proposed the conversion of 60 per cent of existing public deposits worth Rs. 3.4 billion into non-voting shares subject to the consent of the depositors and to pay the remaining deposits after a grace period of two years. It had further proposed to pay an interest rate of 5% on outstanding deposits from the date the capital infusion takes place.

dineshfernando


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
CIFL was run by a set of crooks and fraudsters. I feel very sorry for people who have deposited their pension and life long savings. Those may not have had enough knowledge to check the background of the directors and the company.

Companies Act has to be severely followed by SEC and the Central bank. Especially, the Directors and managers should have clean hands without any criminal charges.

The assets of the Directors must be seized and paid back to these poor depositors.

Wondering how these crooks can cheat these old retired investors. They will have to repay for these sins for generations.

Jana

Jana
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Then the leading newspapers help to speculators to manipulate the market....

They successfully participate to TWOD as well.. now CIFL...

anyhow CIFL move tomorrow bit more ... or halt trading...

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Deepthi perera has  has done a good thing

SOME Prisoners in Welikada assault prisoners who did low level crimes



Last edited by D.G.Dayaratne on Sun Oct 27, 2013 5:06 pm; edited 1 time in total (Reason for editing : typing error)

Wayne Abbott


Senior Equity Analytic
Senior Equity Analytic
@sriranga wrote:People’s Leasing Company (PLC), Managing Agent of Central Investment and Finance Company PLC (CIFL), is looking for new investors willing to part with Rs.1 billion under the Business Restructuring Plan (BRP), informed sources said.

Negotiations are underway to transfer a valuable land belonging to Aspic Corporation of former CIFL Chairman Deepthi Perera to PLC, an official who wished to be anonymous told Business Times. The Central Bank (CB) is also considering pumping in Rs. 500 million under the Liquidity Support Scheme (LSS), he added. The scheme was introduced by the Central Bank (CB) recently for any licensed finance company (LFC) that faces liquidity constraints, to enable them to revive and restructure its operations. According to Central Bank sources, the liquidity support would be provided via the LSS of the Sri Lanka Deposit Insurance Fund (SLDIF), and would be granted on a case by case basis, after an assessment of the liquidity position of the particular LFC.

The regulator however didn’t take any remedial action when it detected serious malpractices committed by CIFL directors in a 2011 audit probe report which has been filed in courts revealed. When asked as to why the CB has failed take action at that time, H. M. Ekanayake, Director of the CB’s Department of Supervision of Non-Bank Financial Institutions said that he cannot comment on a matter which is before courts.

At present the CIFL is not paying back deposits as it is facing difficulties even to meet day-to-day expenses of the company. The Business Restructuring Plan (BRP) has proposed the conversion of 60 per cent of existing public deposits worth Rs. 3.4 billion into non-voting shares subject to the consent of the depositors and to pay the remaining deposits after a grace period of two years. It had further proposed to pay an interest rate of 5% on outstanding deposits from the date the capital infusion takes place.
http://www.sundaytimes.lk/131027/business-times/cifl-revival-with-rs-1-bln-capital-infusion-66723.html

hello


Moderator
Moderator
//Negotiations are underway to transfer a valuable land belonging to Aspic Corporation of former CIFL Chairman Deepthi Perera to PLC, an official who wished to be anonymous told Business Times.//              

Doesn't matter this paper article is true or not ... may be rumor...

but we can sure some one ready to play with CIFL... So get ready guys...at least we can play with CIFL this whole week...

*** Careful, first decide before buy which level you enter... I thing tomorrow we can enter any level ... then ????

As Jana said may be they can halt trading for CLARIFICATION TO A NEWSPAPER ARTICLE..

then it will fly..??!!Laughing Rolling Eyes Shocked 

UAEBOY

UAEBOY
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@hello wrote://Negotiations are underway to transfer a valuable land belonging to Aspic Corporation of former CIFL Chairman Deepthi Perera to PLC, an official who wished to be anonymous told Business Times.//              

Doesn't matter this paper article is true or not ... may be rumor...

but we can sure some one ready to play with CIFL... So get ready guys...at least we can play with CIFL this whole week...

*** Careful, first decide before buy which level you enter... I thing tomorrow we can enter any level ... then ????

As Jana said may be they can halt trading for CLARIFICATION TO A NEWSPAPER ARTICLE..

then it will fly..??!!Laughing Rolling Eyes Shocked 
Thalluwak dagathoth nam start wei Laughing 

Wayne Abbott


Senior Equity Analytic
Senior Equity Analytic
@dineshfernando wrote:CIFL was run by a set of crooks and fraudsters. I feel very sorry for people who have deposited their pension and life long savings. Those may not have had enough knowledge to check the background of the directors and the company.

Companies Act has to be severely followed by SEC and the Central bank. Especially, the Directors and managers should have clean hands without any criminal charges.

The assets of the Directors must be seized and paid back to these poor depositors.

Wondering how these crooks can cheat these old retired investors. They will have to repay for these sins for generations.
Wayne Abbott Quote as follows



Last edited by smallville on Mon Oct 28, 2013 11:57 am; edited 1 time in total (Reason for editing : inappropriate - as earlier informed not to indulge in every CIFL post..)

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Wayne, I clearly informed you not to bring ur misery to all the CIFL, TWOD posts and whine here..

This is your last warning.. Settle ur dispute with Deepthi outside forum (or use PM facility).

What kind of an investor are u who has not looked after your money for 9 years and suddenly appear like u woke up from a coma?

I smell a rat in your actions.. So be careful before u lose a place in this forum. IF you cannot prove us u've taken any actions or you have proof against your allegations to other parties, we may have no choice than banning you from this forum.

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Media supporting crooks. Not mentioning spokesman names.. Worthless shit..

BTW the high salary payers in CB regulatory body can do the infusion as compensation for their repeated blunders.

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