FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka


Submit PostSubmit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post



EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute

Twitter Feeds
POPULAR COMPANIES
A

ABANS ELECTRICALS PLC

ACCESS ENGINEERING PLC Hot

ACL CABLES PLC

ACL PLASTICS PLC

ACME PRINTING & PACKAGING PLC

AGSTAR PLC

AITKEN SPENCE HOTEL HOLDINGS PLC

AITKEN SPENCE PLC

ANILANA HOTELS AND PROPERTIES PLC

ARPICO INSURANCE PLC

ASIA ASSET FINANCE PLC

ASIA CAPITAL PLC

B

BAIRAHA FARMS PLC

BALANGODA PLANTATIONS PLC

BIMPUTH FINANCE PLC

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

B P P L HOLDINGS PLC

BROWNS BEACH HOTELS PLC

BROWNS INVESTMENTS PLC

C

CARGO BOAT DEVELOPMENT COMPANY PLC

CENTRAL INDUSTRIES PLC

CEYLON COLD STORES PLC

CEYLON GRAIN ELEVATORS PLC Hot

CEYLON TEA BROKERS PLC

CEYLON TOBACCO COMPANY PLC

CHEVRON LUBRICANTS LANKA PLC

COLOMBO FORT LAND & BUILDING PLC

COMMERCIAL BANK OF CEYLON PLC

CITRUS LEISURE PLC Hot

COMMERCIAL CREDIT AND FINANCE PLC

D

DANKOTUWA PORCELAIN PLC

DFCC BANK PLC

DIALOG AXIATA PLC

DIALOG FINANCE PLC

DIPPED PRODUCTS PLC

DISTILLERIES COMPANY OF SRI LANKA PLC

DUNAMIS CAPITAL PLC

E

EAST WEST PROPERTIES PLC Hot

EASTERN MERCHANTS PLC

EXPOLANKA HOLDINGS PLC

E-CHANNELLING PLC

F

FIRST CAPITAL HOLDINGS PLC

G

GALADARI HOTELS (LANKA) PLC

GUARDIAN CAPITAL PARTNERS PLC

H

HATTON NATIONAL BANK PLC

HAYLEYS PLC

HAYLEYS FABRIC PLC

HAYLEYS FIBRE PLC Hot

HEMAS HOLDINGS PLC

HIKKADUWA BEACH RESORT PLC

HNB ASSURANCE PLC

HVA FOODS PLC

J

JANASHAKTHI INSURANCE COMPANY PLC

JOHN KEELLS HOLDINGS PLC Hot

JOHN KEELLS HOTELS PLC

L

LANKA ASHOK LEYLAND PLC

LANKA IOC PLC

LANKEM CEYLON PLC

LANKEM DEVELOPMENTS PLC

LAUGFS GAS PLC

LAUGFS POWER LIMITED

LOLC FINANCE PLC

LOLC HOLDINGS PLC

LUCKY LANKA MILK PROCESSING COMPANY PLC

M

MELSTACORP PLC

N

NATIONAL DEVELOPMENT BANK PLC

NATION LANKA FINANCE PLC

NESTLE LANKA PLC

O

ORIENT FINANCE PLC

OVERSEAS REALTY (CEYLON) PLC

P

PANASIAN POWER PLC

PEOPLE'S LEASING & FINANCE PLC

PIRAMAL GLASS CEYLON PLC

PRIME FINANCE PLC

R

RAIGAM WAYAMBA SALTERNS PLC

RENUKA AGRI FOODS PLC

RENUKA CAPITAL PLC

RENUKA HOLDINGS PLC

RICHARD PIERIS AND COMPANY PLC

RICHARD PIERIS EXPORTS PLC Hot

ROYAL CERAMICS PLC

S

SAMPATH BANK PLC

SEYLAN BANK PLC

SIERRA CABLES PLC

SINGHE HOSPITALS PLC Hot

SMB LEASING PLC

SOFTLOGIC HOLDINGS PLC

SOFTLOGIC LIFE INSURANCE PLC

SRI LANKA TELECOM PLC

SWISSTEK (CEYLON) PLC Hot

T

TEEJAY LANKA PLC

TESS AGRO PLC

THREE ACRE FARMS PLC

TOKYO CEMENT COMPANY (LANKA) PLC Hot

U

UNION BANK OF COLOMBO PLC

V

VALLIBEL FINANCE PLC

VALLIBEL ONE PLC Hot

VALLIBEL POWER ERATHNA PLC

W

WASKADUWA BEACH RESORT PLC


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Union Bank taking control of Finance & Guarantee Ltd

Union Bank taking control of Finance & Guarantee Ltd

Go down  Message [Page 1 of 1]

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
http://www.cse.lk/cmt/upload_cse_announcements/5271310470306_.pdf - what is going to happen next?

ssb

ssb
Manager - Equity Analytics
Manager - Equity Analytics
will this be a + point for UBC

Chabbi

Chabbi
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@ssb wrote:will this be a + point for UBC

Buying a scam going to make them rich ??? as i knw wt they bought is a SCAM ....

factFINDER

factFINDER
Manager - Equity Analytics
Manager - Equity Analytics
@ssb wrote:will this be a + point for UBC


Can you explain how UBC as a small sized Licenced Commercial Bank, benifited by acquiring a failed RFC ??

windi5

windi5
Moderator
Moderator
if its scam, ubc would have not invested in it ne, they could easily invest those money at the cse as we all genius have done.some times back ppl called TFC and CSF also as scams.UBC is a not a boutique at the junction. They got capable and qualified ppl to identify good opportunities and invest. so you should write them and ask how they gonna benefit form this investment. lol!

ssb

ssb
Manager - Equity Analytics
Manager - Equity Analytics
@factFINDER wrote:
@ssb wrote:will this be a + point for UBC


Can you explain how UBC as a small sized Licenced Commercial Bank, benifited by acquiring a failed RFC ??
bro i need to know moer that's why i used will word,
wish i can say this is the high tide for UBC but cant predict this days .
got same question you rising

sanjeewa88

sanjeewa88
Manager - Equity Analytics
Manager - Equity Analytics
Can some one tell me the current situation of TF & G?
Is it a profit earning company?
Or a financially stable company?

I know only it was with Ceylinco Group.

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics

F&G depositors still awaiting payment
THURSDAY, 14 JULY 2011 00:00
By Jithendra Antonio

Depositors of two unregistered real estate companies of collapsed Finance & Guarantee (F&G) group say, not a cent of their dues were settled, since appointing a Board of Trustees to liquidate company assets nine months ago.

Speaking to Mirror Business, a depositor of Property Developers Ltd (PDL) of F&G group, Ranjan De Silva said, the trustees alone were paid over Rs.6.48 million as remuneration since appointment.

“According to trust laws pertaining to land and trust deeds, depositors have rights to know the amount the trustees are being paid, and Supreme Court only granted the approval to pay them an honorarium” De Silva pointed out.

The move came in to lime light after Union Bank of Colombo (UBC) recently announced that it decided to take a controlling stake in former Ceylinco owned collapsed finance company The Finance & Guarantee (F&G), for a consideration of Rs.600 million.

Back in August 2010, Depositors of F&G Property Developers Ltd. (PDL) and F&G Real Estate Co. Ltd. (RECL) set up two Boards of Trustees with five key persons common to both, in order to expedite the repayment process, disposing assets.

The five key persons include former Chairman- Lankaputhra Development Bank, Sarath De Silva, former Chief Valuer & Chairman- Valuers Association, S. N. Wijepala, former Auditor General, S.C. Mayadunne,

former Commissioner of Inland Revenue B. D. U. Jayanetti, along with four depositors (two each from PDL and RECL.) former Chief Accountant- Central Bank, Lionel Katuwawela, Finance Manager- Alliance Development Trust, T.D. Nesakumar (representing RECL), former President- J. Walter Thompson (Pvt) Ltd., Ms. Nalini Goonetillake and Member- Depositors Association, Ms. Chanda Nalini (representing PDL) were appointed as the Board of Trustees.

However Ranjan De Silva said that the above individuals had been paid over Rs.720,000 per month, whilst Finance Manager-

Alliance Development Trust, T.D. Nesakumar has returned part of the money that was paid to him after other depositors inquired about the issue.

“We have completely lost trust in these people we appointed to represent us.

They have betrayed us” De Silva lamented, accusing that Board of Trustees had used the remaining company funds to pay themselves.

At the time of the agreement, the Board of Trustees also signed Trust Deed documents with the Directors of F&G Subsidiaries, including Mervy Jayasinghe, K.A.S. Jayatissa, Mala Sabaratnam, Mohan Perera and four others. However, Chairman- F&G Group of Ceylinco, Lalith Kotelawala didn’t turn up for the event.

It is said that both companies which were unregistered financial institutions of F&G have accumulated a liability of approximately Rs. 8.2 billion to date from 4,100 depositors, and the Board of Trustees were appointed to determine how the properties and assets are to be disposed from time-to-time at the highest value (after a revaluation of the total assets).

http://print.dailymirror.lk/business/127-local/49967-fag-depositors-still-awaiting-payment.html

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
Union Bank Top Management should clarify all these grey areas of the deal. Most importantly how are they going to be benefitted with a junk like this.

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
http://www.sundaytimes.lk/110731/BusinessTimes/bt03.html

Brakes on Union Bank F&G deal

The opposition by F&G depositors to convert 80% of deposits of the Finance and Guarantee Company Ltd (F&G) to shares has put the brakes on Union Bank (UB)’s plan to acquire the company through the infusion of new capital of Rs.1.1 billion, Central Bank sources said.

UB is insisting that F&G should convert 80 % of the company’s deposits to non voting shares with the consent of depositors. Depositors however are against this move, and discussions are underway to finalise the bank’s decision to acquire the company but it is possible that this decision may be reversed, the sources added.

They said the UB has agreed to pay deposits with maturity period ending in June 2011 while other deposits should be converted to shares. The company deposit base is over Rs 3 billion with over 50 % of the company’s deposits to be converted to non voting shares with the consent of depositors, one source said, adding that 30% are opposed to the move.

Several depositors told the Business Times that F&G is delaying paying the due interest of depositors while failing to refund the capital of many depositors on maturity claiming a cash flow problem.

Sponsored content


Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum