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“Please do not issue any more licenses to commence finance companies”, is the plea made to THE Central Bank (CB) by the Central Investment and Finance Ltd Depositors Association (CIFLDA). Reflecting on a decision of the CIFLDA, its President, K.W. Gunawardena told the Business Times (BT), this week that the CB has already issued nearly 40 such licenses to establish finance companies and only a few, about three or four, are properly functioning while all others appear to be in trouble. He said that when these ‘mushroom’ finance companies fail large number of depositors suffer and have to go from ‘pillar to post’ to recover their savings.
Thus, Mr. Gunawardena said that most of these finance companies are only hoodwinking the poor depositors and ultimately dupe them – similar to the plight that they are faced with now. Therefore, CIFLDA is urging the CB not to issue any licenses, until and unless those finance companies now declared ‘failed’ are put in order and the depositors’ dues of such finance companies settled fully. Most of CIFLDA members depend on interest from deposits for life-saving medication while already more than 50 have died for lack of funds. Many of the politicians now in power who were in the opposition then, made various promises which are yet to be fulfilled.
Meanwhile, Udena Alawattegama, Director, Non-Banking Institutions, CB has informed the association that a German investor has shown interest to take over CIFL. There are more than 14 lands said to be owned by CIFL. Mr. Gunawardena said that the CB has made arrangements to value them through a certified chartered valuer of which 10 have been valued at nearly Rs. 1 billion. Once this process is completed, the report on the valuation would be placed before court that is dealing with a fraud case against CIFL’s former Chairman, Chula Gunawardene alias Deepthi Perera that will be taken up for further hearing on May 27.
Deepthi Perera, according to Mr. Gunawardena has indicated that he is willing to take over CIFL to run it with a long term loan of Rs. 1 billion from the CB, but Mr. Gunawardena pointed out that the CB is neither prepared to grant this loan nor issue a mandate to run CIFL. He said that with regard to the fraud case against Mr. Perera the CID has completed all their investigations and the report is now with the Attorney General to issue a charge sheet on the latter
Thus, Mr. Gunawardena said that most of these finance companies are only hoodwinking the poor depositors and ultimately dupe them – similar to the plight that they are faced with now. Therefore, CIFLDA is urging the CB not to issue any licenses, until and unless those finance companies now declared ‘failed’ are put in order and the depositors’ dues of such finance companies settled fully. Most of CIFLDA members depend on interest from deposits for life-saving medication while already more than 50 have died for lack of funds. Many of the politicians now in power who were in the opposition then, made various promises which are yet to be fulfilled.
Meanwhile, Udena Alawattegama, Director, Non-Banking Institutions, CB has informed the association that a German investor has shown interest to take over CIFL. There are more than 14 lands said to be owned by CIFL. Mr. Gunawardena said that the CB has made arrangements to value them through a certified chartered valuer of which 10 have been valued at nearly Rs. 1 billion. Once this process is completed, the report on the valuation would be placed before court that is dealing with a fraud case against CIFL’s former Chairman, Chula Gunawardene alias Deepthi Perera that will be taken up for further hearing on May 27.
Deepthi Perera, according to Mr. Gunawardena has indicated that he is willing to take over CIFL to run it with a long term loan of Rs. 1 billion from the CB, but Mr. Gunawardena pointed out that the CB is neither prepared to grant this loan nor issue a mandate to run CIFL. He said that with regard to the fraud case against Mr. Perera the CID has completed all their investigations and the report is now with the Attorney General to issue a charge sheet on the latter
