The depositors of the Central investment Finance Ltd, (CIFL) is finally gets relief as the Central Bank (CBSL) has pledged to settle some of the depositors and pay a sizeable amount to other depositors before end of July 2018.
President of the CIFL Depositors Association, M. Wijegunawardane said that since the company folded up five years ago, several promises of re-payment plans were presented and even promises were made. “However the depositors are yet to receive a penny as a return on hard earned deposits.”
The CIFL depositors last month met several Parliamentarians and their matter subsequently taken up in Parliament last month. The depositors then met the Deputy Governor of Central Bank and other top officials and a repayment plan was proposed.
“Under this scheme all depositors having less than Rs. 600,000 would be settled in full while the remaining depositors too would be paid an advance of Rs. 600,000.” There are 4,200 depositors and total deposit base is Rs. 3.5 billion and under this scheme 61% of customers would be fully settled.
He said that this move is some consolation but it’s not the solution. “The issue of interest for our deposits is not clear and also there is no proper time frame given as to when the balance would be settled.”
He also said that they have also brought in a German investor who wants to bail out CIFL and launch solar power projects and financial services in Sri Lanka. “This company is ready to invest US$ 32 million and has Rs. 5 billion business plans for Sri Lanka. However he is facing tremendous red tape.” (SS)