Audit firm KMPG to update CIFL accounts
View(s):The Central Bank (CB) is exploring the possibility of merging the now-defunct Central Investments and Finance PLC (CIFL) with a prospective financial institution to assist it to come out from the present financial abys, CB sources said
The CIFL has now been included in the CB’s financial sector consolidated 2014/5 programme to find redress for disgruntled depositors by amalgamating the company with a financially sound institution.
Audit firm KPMG Sri Lanka which is in the CB’s list of approved auditors has been appointed to carry out the due diligence, valuation and information memorandum of CIFL towards this end.
The CB has authorised KPMG to update the books of accounts of CIFL, in order to ascertain the deposit liability of the company, according to a CB newspaper advertisement published on Friday.
More than 4,000 customers are in a state of uncertainty and distress owing to the collapse of CIFL in 2013 with assets amounting Rs.3.5 billion.