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Another Finance company into Hotels owned by family members may be at the verge of collapse?  Vote_lcap68%Another Finance company into Hotels owned by family members may be at the verge of collapse?  Vote_rcap 68% [ 178 ]
Another Finance company into Hotels owned by family members may be at the verge of collapse?  Vote_lcap18%Another Finance company into Hotels owned by family members may be at the verge of collapse?  Vote_rcap 18% [ 47 ]
Another Finance company into Hotels owned by family members may be at the verge of collapse?  Vote_lcap13%Another Finance company into Hotels owned by family members may be at the verge of collapse?  Vote_rcap 13% [ 35 ]

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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Another Finance company into Hotels owned by family members may be at the verge of collapse?

Another Finance company into Hotels owned by family members may be at the verge of collapse?

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SelvaKolla


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According to some publicly available information another family controlled finance company Mercantile Investments may be at the verge of collapse since they had lent over Rs. 1 billion for a property owned by a former failed shipping company owner who married several wives and gone bankrupt after even having political influence. 

Some say Ondaatjie family controlled Mercantile Investments might face trouble in their finance company since most of their hotels are not performing well and that they are unable to recover over Rs. 1 billion plus further interest they provided to once a famous shipping magnate's son to run his father's business, who later collapsed due to his exorbitant costly lifestyle. 

Central Bank must intervene according to public if in case the company is not allowing the withdrawals of the depositor funds before any collapse of the finance company happens

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