Financial Times

More FR petitions by Ceylinco Depositors


Disgruntled depositors of Ceylinco Capital Investment Company (Pvt) Ltd and CLC Asset Management (Pvt) Ltd are planning on filing a fundamental rights petition this coming week, well-informed sources said.

This follows the rejection of a proposed repayment plan in early April 2009 by depositors following a meeting with company directors and representatives of the depositors which was reported in The Sunday Times FT on April.

The two companies are units of Ceylinco Shriram Capital Management Services Co. (Pvt) Ltd which hired Wealth Lanka Management (Pvt) Ltd to evaluate its assets and liabilities and formulate a repayment programme to meet its liabilities to creditors.

However, the sources say that the final repayment plan has not been finalized by Wealth Lanka due to a hold up on the part of the two companies which have not provided necessary documents.

The repayment plan should have been finalized by April 10. Officials from Wealth Lanka declined to comment on the issue. Ceylinco Capital Investment Company and CLC Asset Management are said to have a total deposit base of 6,000 with deposits amounting to Rs.7 billion. The companies are not registered with the Central Bank (CB).

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