New investors resurrect crisis-hit CIFL finance company
View(s):A group of new investors has taken over the crisis-hit Central Investment and Finance PLC (CIFL), which recently experienced a run on its deposits leading to temporary liquidity problems. On Monday, the company announced major changes to the board of dirctors including a new chairman.
The changes took effect from 2nd May, the company said in a filing to the Colombo Stock Exchange
Three new board members, Roscoe Melony, Swarna J. Meloney and Dulan Hettiarachcchi were appointed to the board of the company. K.A.L. Rupasinghe resigned from his position as Chairman and was replaced by Mr. Melony, who is also Touchwood Group Chairman.Ms. Melony was appointed as the acting CEO to fill void created due to the resignation of the company CEO Gamini Karunathilake
The CIFL has been re-invigorated with a capital infusion of US$12 million by the Touchwood Group following the intervention of the Central Bank, officials said. This was reported in the Business Times on 31st March 2013 quoting the former chairman of the company, Mr. Rupasinghe.
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