Hiran H.Senewiratne
Central Investment and Finance (CIFL), has collapsed due to mismanagement under its former Chairman Deepthi Perera.
An aggrieved depositor said that CIFL's net asset value is lower than the last audit reports. "CIFL's latest audit report was prepared by KPMG, which audited the net assets of the company less than the current net asset value," the investor said.
The previous audit report prepared by KPMG has done the auditing estimation 80 percent less than the real estimated figures.
Therefore, CIFL's entire operations have come to a standstill but only two service points are in operation to recover all debts, sources said told the Daily News Business.Several depositors and other interested parties are working to obtain a court order to bring Perera back from overseas hiding and arrest him and hear this case.
According to well informed sources legal action will be initiated to explore possibilities of bringing back Perera to Sri Lanka.
The affected investors of the company have requested the Director Board to appoint two investors to the Board.It is said that around 5000 depositors are unable to reclaim the deposits that they have made since March 2013.
The CIFL Depositors' Association sources said Perera had defrauded Rs.1.6 billion from depositors' money.
The depositors' request that an immediate investigation be conducted and measures be taken to return their money.
CIFL also known as Central Investments and Finance under the supervision of the Central Bank of Sri Lanka collapsed in 2013.
www.dailynews.lk
Central Investment and Finance (CIFL), has collapsed due to mismanagement under its former Chairman Deepthi Perera.
An aggrieved depositor said that CIFL's net asset value is lower than the last audit reports. "CIFL's latest audit report was prepared by KPMG, which audited the net assets of the company less than the current net asset value," the investor said.
The previous audit report prepared by KPMG has done the auditing estimation 80 percent less than the real estimated figures.
Therefore, CIFL's entire operations have come to a standstill but only two service points are in operation to recover all debts, sources said told the Daily News Business.Several depositors and other interested parties are working to obtain a court order to bring Perera back from overseas hiding and arrest him and hear this case.
According to well informed sources legal action will be initiated to explore possibilities of bringing back Perera to Sri Lanka.
The affected investors of the company have requested the Director Board to appoint two investors to the Board.It is said that around 5000 depositors are unable to reclaim the deposits that they have made since March 2013.
The CIFL Depositors' Association sources said Perera had defrauded Rs.1.6 billion from depositors' money.
The depositors' request that an immediate investigation be conducted and measures be taken to return their money.
CIFL also known as Central Investments and Finance under the supervision of the Central Bank of Sri Lanka collapsed in 2013.
www.dailynews.lk
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