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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Legal action against CIFL authorities

Legal action against CIFL authorities

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1Legal action against CIFL authorities Empty Legal action against CIFL authorities Mon Dec 23, 2013 1:36 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
The Central Bank is making arrangements to take legal measures against the directors and senior executive officers attached to Central Investment & Finance Limited PLC (CIFL), reports say.

Actions will be taken against them under the Central Bank guidelines on good governance and Fit and Proper.

It has been reported that the Central Bank is considering the possibility of taking legal actions against the firms of chartered accountants and the chartered accountants attached to the company.

The Central Bank is also to implement new regulations against the heads that paves way to the collapse of financial companies.

The regulations in relations to it will be spelled out in Central Bank Road Map for year 2014, which is to be announced on January 2.

It is to include the regulations on reducing the number of financial and leasing companies in the island to 25, which are currently 58.
https://www.srilankamirror.com/news/12484-legal-action-against-cifl-authorities

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Well they can expel these "charter Accountants" from the respective awarding institution for a start..

K.Haputantri

K.Haputantri
Co-Admin
It appears that the CB has awaken from a deep slumber & boasts of strict action against the culprits. We have to waite & see its results. However, sealing of the number of finance companies to 25 will be counter productive.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
During the period what sort of action CBSL supervisory team took?
Why they couldn't stop in the initial stage?
Punish those in CBSL will also stop these type of debacles in future no?

5Legal action against CIFL authorities Empty Re: Legal action against CIFL authorities Mon Dec 23, 2013 11:49 pm

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
CB had all the details before the company get stuck. They had identified the riskiness of the company. But their intervention was very slow. Even now the CB's role is not worthy enough.

6Legal action against CIFL authorities Empty Re: Legal action against CIFL authorities Tue Dec 24, 2013 10:05 am

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Dr Harsha Siva has given full details with documentary evidence in his speech in parliament

I do not think CBSL will make genuine effort to take legal action against
Directors of CIFL

Legal system know very well to convert "DADA MAS INTO GORAKA" vice versa

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