The Central Bank (CB) has directed that an independent verification of assets and liabilities of Ceylinco Capital Investment Company (Pvt) Ltd and CLC Asset Management (Pvt) Ltd and all subsidiaries of Ceylinco Shriram be carried out by Court-appointed auditors Ernst and Young, informed sources said. The CB issued this directive at a meeting of directors of Ceylinco Shriram and representatives of depositors held at the CB recently.
Directors of Ceylinco Shiram presented a repayment plan prepared by independent consultants Wealth Lanka Management (Pvt) Ltd incorporating all the assets and according to their report, the total liabilities of the two companies (dues to around 6,000 depositors) is valued at Rs.6.84 billion. Of this the assets of the companies can cover only 60 % of the total liability while the balance will be covered by implementing a business plan within 45 months. Also 60% of the capital will be paid within one and half to two years.