The Standard Credit Finance Co Ltd (TSCFCL) depositors are making fresh representations seeking a new investor to take over the company.
TSCFCL, formerly known as Ceylinco investment and reality limited five years ago was given over to Entrust to be managed by the Central Bank (CBSL). “This company too has now crashed and now we are helpless,” the Deposit Protection Society of TSCFCL told Daily News Business.
“We wish to categorically state all of us are fed up of waiting for that tomorrow when our shares will be listed, because for the last 4 years and 11 months our tomorrow never came.”
“The representatives of the TSCFCL said they earlier wanted their shares listed. “However now we don’t want this as it will take a further time. What we now want is an investor to come in and buy back our shares.
We are ready to disperse a share at par value.” The share value will be Rs. 1.95 billion.
For the would be investor, he would be at an advantageous positions since the TSCFCL has number of fixed assets in Colombo, Ja Ela, Naiwala, one and a half floors on Ceylinco House and the Fort and Ruskin Island holiday resort in Bolgoda Lake. “In addition they also get our 1.95 billion shares and a deposit base of Rs 2.7 billion.”
“We have only one thing to ask of this Government and the CBSL.Please forget the shares issued to us and through a new investor with the co-operation of the new Board of Directors appointed by the CBSL, earlier this month, buy back our shares which have been dormant, without yielding any return since 2011, and give us back our hard earned monies and help us,” they appealed.
“We feel very sorry for those of our co-depositors who have gone to their rest without getting back a cent of their deposits, while the rest of us ,mostly senior citizens, are struggling to make ends meet, and purchase our much needed medicine which will help us to live a little longer.”
The members recalled that it was when the SEC sought more time to study the proposal on 10-12-2015, that they sought and obtained an interview with SEC Chairman Tilak Karunaratne and his senior officers.
“Here he told us that it was very unlikely that our shares will get listed due to the poor business performance of TSCFCL and the massive fraud uncovered at Entrust Securities, for which we are very grateful to him, because he actually told us the truth and not fairy tales like the others had done before him.”
www.dailynews.lk
TSCFCL, formerly known as Ceylinco investment and reality limited five years ago was given over to Entrust to be managed by the Central Bank (CBSL). “This company too has now crashed and now we are helpless,” the Deposit Protection Society of TSCFCL told Daily News Business.
“We wish to categorically state all of us are fed up of waiting for that tomorrow when our shares will be listed, because for the last 4 years and 11 months our tomorrow never came.”
“The representatives of the TSCFCL said they earlier wanted their shares listed. “However now we don’t want this as it will take a further time. What we now want is an investor to come in and buy back our shares.
We are ready to disperse a share at par value.” The share value will be Rs. 1.95 billion.
For the would be investor, he would be at an advantageous positions since the TSCFCL has number of fixed assets in Colombo, Ja Ela, Naiwala, one and a half floors on Ceylinco House and the Fort and Ruskin Island holiday resort in Bolgoda Lake. “In addition they also get our 1.95 billion shares and a deposit base of Rs 2.7 billion.”
“We have only one thing to ask of this Government and the CBSL.Please forget the shares issued to us and through a new investor with the co-operation of the new Board of Directors appointed by the CBSL, earlier this month, buy back our shares which have been dormant, without yielding any return since 2011, and give us back our hard earned monies and help us,” they appealed.
“We feel very sorry for those of our co-depositors who have gone to their rest without getting back a cent of their deposits, while the rest of us ,mostly senior citizens, are struggling to make ends meet, and purchase our much needed medicine which will help us to live a little longer.”
The members recalled that it was when the SEC sought more time to study the proposal on 10-12-2015, that they sought and obtained an interview with SEC Chairman Tilak Karunaratne and his senior officers.
“Here he told us that it was very unlikely that our shares will get listed due to the poor business performance of TSCFCL and the massive fraud uncovered at Entrust Securities, for which we are very grateful to him, because he actually told us the truth and not fairy tales like the others had done before him.”
www.dailynews.lk
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