A Swedish investor has finally come forward to bail out the Central Investment and Finance Co Ltd (CIFL) depositors.
CIFL Depositors Association (CIFLDA) President Wijaya Gunawardane said that a representative of the Swedish company attended the annual general meeting (AGM) last Saturday at the Public Library. He then informed depositors of the details of the payment. This will be capital plus interest which would be paid in full within four years.
This proposal was approved by the majority of the deposit holders attending the AGM. Gunawardane said that this investor has been coordinated by the Central Bank of Sri Lanka who came forward to assist the depositors. The Swedish investor would either buy shares of the depositors or pay them cash. The whole process would be completed in less than three years.
“The Swedish company taking over CIFL and subsequently running it is a major boost to the local economy and a sigh of relief for the depositors who were in great difficulty due to this issue.”
On August 4, U. P. Alawattage, Director, Department of Supervision of Non Bank Financial Institutions, speaking to Daily News Business after a press conference, said that several local and foreign investors have positively responded to bail out three ailing finance companies including CIFL
He said that the three companies, CIFL, City Finance and The Standard Credit have some issues and the Central Bank has come forward to bail them out.
CIFL was initially registered as a public limited liability company on July 3, 1968. Subsequently it came under the ownership of Deepthi Perera of ASPIC Group in 2004. It became a public liability company in July 2011 and is currently listed on the CSE.
CIFL Depositors Association (CIFLDA) President Wijaya Gunawardane said that a representative of the Swedish company attended the annual general meeting (AGM) last Saturday at the Public Library. He then informed depositors of the details of the payment. This will be capital plus interest which would be paid in full within four years.
This proposal was approved by the majority of the deposit holders attending the AGM. Gunawardane said that this investor has been coordinated by the Central Bank of Sri Lanka who came forward to assist the depositors. The Swedish investor would either buy shares of the depositors or pay them cash. The whole process would be completed in less than three years.
“The Swedish company taking over CIFL and subsequently running it is a major boost to the local economy and a sigh of relief for the depositors who were in great difficulty due to this issue.”
On August 4, U. P. Alawattage, Director, Department of Supervision of Non Bank Financial Institutions, speaking to Daily News Business after a press conference, said that several local and foreign investors have positively responded to bail out three ailing finance companies including CIFL
He said that the three companies, CIFL, City Finance and The Standard Credit have some issues and the Central Bank has come forward to bail them out.
CIFL was initially registered as a public limited liability company on July 3, 1968. Subsequently it came under the ownership of Deepthi Perera of ASPIC Group in 2004. It became a public liability company in July 2011 and is currently listed on the CSE.
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