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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » CIFL deal is confirmed

CIFL deal is confirmed

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1CIFL deal is confirmed Empty CIFL deal is confirmed Fri Aug 01, 2014 3:46 pm

karuna


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
it will go  3.2 from this month

The troubled Central Investments and Finance Plc (CIFL) has been included in the Government-initiated and Central Bank-monitored financial sector consolidation program.

The company said in a filing to the CSE yesterday that the Financial Sector Consolidation Unit of the Central Bank has advised the Board on 30 July that KPMG Sri Lanka has been assigned to carry out the due diligence, valuation and information memorandum of the company. This is in preparation for CIFL to be part of the financial sector consolidation program.

KPMG is a firm of chartered accountants in the list of the approved panel of auditors for the program.

The CIFL Board has been requested to facilitate the process and provide all information required by KPMG to carry out the assignment in a timely manner.
The Central Bank letter had been copied to CIFL Managing Agents People’s Leasing and Finance Plc as well.



Last edited by karuna on Fri Aug 01, 2014 4:15 pm; edited 1 time in total

2CIFL deal is confirmed Empty cifl target Fri Aug 01, 2014 4:06 pm

karuna


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

       

       
       

The troubled Central Investments and Finance Plc (CIFL) has been included in the Government-initiated and Central Bank-monitored financial sector consolidation program.
The company said in a filing to the CSE yesterday that the Financial Sector Consolidation Unit of the Central Bank has advised the Board on 30 July that KPMG Sri Lanka has been assigned to carry out the due diligence, valuation and information memorandum of the company. This is in preparation for CIFL to be part of the financial sector consolidation program.
KPMG is a firm of chartered accountants in the list of the approved panel of auditors for the program.
The CIFL Board has been requested to facilitate the process and provide all information required by KPMG to carry out the assignment in a timely manner.
The Central Bank letter had been copied to CIFL Managing Agents People’s Leasing and Finance Plc as well.

3CIFL deal is confirmed Empty Re: CIFL deal is confirmed Fri Aug 01, 2014 4:13 pm

troy

troy
Moderator
Moderator
what is the deal?

what is lk.du???

4CIFL deal is confirmed Empty Re: CIFL deal is confirmed Fri Aug 01, 2014 7:05 pm

Lalindra

Lalindra
Manager - Equity Analytics
Manager - Equity Analytics
Whatever the case maybe, according to a news item in the Daily Mirror today The People's Leasing and Finance Co has informed the Colombo magistrate Mr. Thilina Gamage that with the prevailing liquidity and management issues at CIFL it will not be managing any affairs of CIFL but only engage in supervising it. Further they informed courts that the responsibility of managing the affairs of the CIFL are to be handed over to the company director board and that they will not take direct responsibility in repaying its defrauded depositors.

PLEASE DO NOT USE THIS FORUM TO INFLATE THE PRICES OF SHARES BY USING ILL-INFORMED INFORMATION. IT WILL ONLY REDUCE THE VALUE OF THE FORUM AND ITS CONTRIBUTORS.

5CIFL deal is confirmed Empty Re: CIFL deal is confirmed Fri Aug 01, 2014 7:15 pm

troy

troy
Moderator
Moderator
@Lalindra wrote:Whatever the case maybe, according to a news item in the Daily Mirror today The People's Leasing and Finance Co has informed the Colombo magistrate Mr. Thilina Gamage that with the prevailing liquidity and management issues at CIFL it will not be managing any affairs of CIFL but only engage in supervising it. Further they informed courts that the responsibility of managing the affairs of the CIFL are to be handed over to the company director board and that they will not take direct responsibility in repaying its defrauded depositors.

PLEASE DO NOT USE THIS FORUM TO INFLATE THE PRICES OF SHARES BY USING ILL-INFORMED INFORMATION. IT WILL ONLY REDUCE THE VALUE OF THE FORUM AND ITS CONTRIBUTORS.

Friend get this rite... in 2009/2010, when Bank of Ceylon acted as the management agent of troubled Seylan Bank, they never tend to take any payment responsibility. Supervision and proper guidance is enough to build public trust and proper procedures. That is what lacks in CIFL.

PLC is only a management agent and they do not take responsibility for settling. Can't rectify things overnight. But has to start this journey from somewhere.... And this is a good beginning to enter in to consolidation of NBFIs.

6CIFL deal is confirmed Empty Re: CIFL deal is confirmed Fri Aug 01, 2014 7:25 pm

Lalindra

Lalindra
Manager - Equity Analytics
Manager - Equity Analytics
To correct your facts my friend please be informed that the BOC had no hand in the turnaround of Seylan Bank but with intervention of the government the CB was able to infuse new capital to the bank from the Insurance Corp of Sri Lanka which capital was later divested to LOLC and other companies. If you check the change in the shareholder list of Seylan Bank from that time you will be able to grasp my point.

7CIFL deal is confirmed Empty Re: CIFL deal is confirmed Fri Aug 01, 2014 9:48 pm

dilshan unawatuna

dilshan unawatuna
Manager - Equity Analytics
Manager - Equity Analytics
@troy wrote:But has to start this journey from somewhere.... And this is a good beginning to enter in to consolidation of NBFIs.

I agree with you,,,,,we do not only focus on the negative side,,,we should appreciate this positive remedial action taken by CBSL

8CIFL deal is confirmed Empty Re: CIFL deal is confirmed Fri Aug 01, 2014 11:18 pm

Top Trader


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
See the letter head for the chairman and vice chairman, did both passed the fit and proper test of the cbsl?

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