Financial Times

MBSL reviving failed F&G, interest payments being made


The F&G Ltd is now close to recovery and the interest of depositors is being paid under the directions of the Central Bank, its managing agent Merchant Bank of Sri Lanka (MBSL) Chairman Janaka Ratnayake told The Sunday Times FT.

“We are requesting depositors to renew their investments,” he said adding that F&G is returning to a stable position under MBSL. He said an interest payment of 12% will be made for arrears from date of maturity until the date of renewal.

However, he added, that MBSL is not handling the activities of F&G Real Estate Co. Ltd (RECL) and F&G Property Development Ltd (PDL) as the payment plan submitted by them was rejected by the depositors and since there is court case pending at the Commercial High Court with regard to freezing of assets of these companies.

F&G's assets are in the range of Rs. 3.2 - 3.6 billion. They consist of two large housing projects in Talahena and Negombo, valued at Rs.1 billion, facilities such as leasing and hire purchase, which is valued at Rs. 1.9 billion, and properties collectively worth Rs. 400- 500 million. Their liabilities come to around Rs. 3.3 billion, so the assets of the company are sufficient to cover the liabilities, he said .

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