The Central Bank (CB) on Wednesday stepped in to rescue yet another ailing finance company, Industrial Finance Limited (IFL).
The CB’s Monetary Board appointed People’s Leasing Company Limited as the Managing Agent of IFL from December 16. “As the Managing Agent of IFL, People’s Leasing will manage all affairs of IFL under the advice of the Expert Group appointed by the Monetary Board.
All members of the Board of Directors of IFL will continue to serve as members of the Board and are expected to extend their fullest co-operation to the Managing Agent to resolve the current issues faced by the company, and to improve its financial status to enable it to meet liabilities to depositors and other creditors as and when they are due and to conduct business operations as usual,” the CB statement said.
IFL has been seeing a run on its deposits after worried depositors began pulling out funds when due payments were not made.