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CIFL – Red Signal for investors
On 22 Sept. 2016 the conpany informed that German company is willing to buy 100% of the company carefully avoiding at what price they offered. Is it -/10 or -/20 cents? The company in effect encourage some brokers / investors to manipulate with the result ignorant investors would ultimetely suffer.
(1) What is interesting is so far Germen deligation that came mainly to look for opportunities in North and East never issued a signed statement or given a TV interview re this matter.
(2) Letter dated 19 Sept. 2016 say CB re a loan requested not positively responded due to non avalability of adequated assets as collateral. The present Central Bank is not foolish to bailout a bankrupt company.
(3) Company Record
A. Profitability 13/14 Loss Rs. 4315 M
12/13 Loss Rs. 332 M
The companyhas not submitted reports for 2 years 14/15 and 15/16. Total loss may be Rs. 10000 M. Nobody knows.
B. During 13/14 capital recorded a loss of Rs. 3943 M and not given NAV and EPS. Very interesting?
(4) During 13/14 audit no transfer deeds were available for the properties said to own and KPMG who did the audit says “we do not express an opinion on the financial statement.”
It is the considered opinion if the German investors are genuine and honest, they would never touch a bankrupt company which was probed by the C.I.D due to massive fraud. The regulatory authorities should have delisted the company long ago to safe guard new investors and at least they should now suspend temporarily.
Watch Dog
(group of investors/brokers)
CC : Director General, Securities Exchange Commission
Chairman, Colombo Stock Exchange
PS. : According to Sunday Times of 25th Sept. (yesterday) company had been informed on 21st Sept. (Wednesday) by Central Bank that only monetary board can decide the sale of the company subject to some conditions and this vital information not released to the stock exchange as at morning of 26th Sept. (Monday). Why? SEC must probe this to save innocent investors without any delay.
