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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Central Bank, SEC under fire on CIFL

Central Bank, SEC under fire on CIFL

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1Central Bank, SEC under fire on CIFL  Empty Central Bank, SEC under fire on CIFL Fri Jan 17, 2014 3:06 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Ceylon FT: The Central Bank's (CB) plans to restructure the Non-Banking Financial Institutions (NBFI) sector came under fire yesterday with charges that the CB and the Securities & Exchange Commission (SEC) failed to protect depositors of the failed Central Investments & Finance Ltd (CIFL).

Opposition lawmaker and UNP economic spokesman Dr. Harsha de Silva charged that the CB and the SEC allowed CIFL to continue to run a 'Ponzi Scheme' and accept public deposits, and allowed it float an Initial Public Offering (IPO).

As earlier reported in these pages, the depositors of CIFL claim that deposits worth Rs 3.7 billion are still owed to them and the Central Bank is not doing a satisfactory job.

"There is a lot of talk about mergers in the NBFI sector these days, but, so far there has been absolute silence on an important question I raised in Parliament a month ago during the Finance Ministry Budget," Dr. De Silva said.

"The SEC allowed an IPO just two months after the Central Bank's NBFI supervision department called it a 'Ponzi scheme' upon an on-site investigation," the opposition lawmaker alleged. "CIFL now technically bankrupt with thousands of depositors unable to get their money back, continued to advertise and accept public deposits."

He charged that violations of the law and regulations by this widely advertised finance company ran into more than two dozen pages. These included doctoring of accounts, falsifying transactions, fraudulent activity by directors and even the disgraceful act of directors with-drawing funds from CIFL when it was unable to meet depositor claims.

"The public are awaiting answers from the Central Bank and SEC," Dr. De Silva said.
http://ceylontoday.lk/22-53128-news-detail-central-bank-sec-under-fire-on-cifl.html

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
HEading should be


"Central Bank, SEC is fired on CIFL

Fired as in dismissed from job.
Also some the investors who knew fate of CIFL but invester there for higher returns.

In this forum itself we warned when Cifl was even Rs 9.

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