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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » A sad story of CIFL....CIFL....CIFL

A sad story of CIFL....CIFL....CIFL

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1A sad story of CIFL....CIFL....CIFL Empty A sad story of CIFL....CIFL....CIFL Wed Mar 04, 2015 4:53 pm

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MP Anura Kumara Dissanayake said over 4,000 customers were in a state of uncertainty and a critical situation owing to the shutting down of the CIFL bank that operated as a financial company registered under the Central Bank.

The CIFL bank was a licensed financial company and operated under the provisions of Financial Companies Act No. 78 of 1978, Companies Act No. 07 of 2007 and Financial Businesses Act No. 42 of 2011. The CIFL bank had a countrywide network which provided financial services including maintaining fixed deposits, savings accounts, leasing accounts, micro credit facilities, child saving facilities, providing housing and land loans and mortgage facilities.

About 4,159 customers countrywide had deposited their money in the bank. According to financial reports and accounts, the CIFL bank had assets of Rs. 3.5 billion during the financial year 2012/13.

"However, the weak management of the company and illegal investments resulted in the collapse of the bank in 2013. As the CIFL PLC failed to provide services to its customers in February 2013, there was unrest among those who deposit funds in the bank. In May 2013, the Central Bank intervened and introduced an investor by the name of Roscoe Maloney as a solution to the CIFL problem. The investor was the proprietors of the Touchwood Investors and said to have invested Rs. 1.2 billion in the CIFL. One month later he fled the country without informing the Central Bank, director board of the CIFL. It was later revealed that the person was an international conman," the minister said. Local media

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