Depositors of F&G frown on ‘letter’ sent by company
Some of the depositors of the failed Finance & Guarantee (Real Estate) Co and Property Developers (Pvt) Ltd (F&G PDL & RECL) complain that the newly appointed director board of this company is using unfair tactics to prevent the depositors from organising themselves as a group.
Some of these depositors have received a letter by mail signed by one of the directors, C. Caldera of the company indicating that the Central Bank (CB) has submitted an action plan to pay back the depositors’ money in the proportion of 51 per cent for PDL depositors and 61 per cent for RECL depositors.
The letter says that as an immediate relief measure they are paying the depositors at the rate of 10 per cent of their deposits from October to December this year and to call over at the company’s office on October 10.
Some of these irate depositors complained that the new board is acting like a ‘boothal kade’ as there is no structured plan or a proper methodology spelled out for the payment of the dues. They also accuse the board of directors of irresponsibility as the letter has been sent under ordinary cover and not registered post and only a section of the depositors have received it.
These depositors say that the company’s or CB’s clear repayment methodology must be made public through media. The Supreme Court decision also has to be publicised, as many of the depositors are unaware of this decision, these depositors complain. Depositors complain that through this letter an attempt has also been made to prevent them from getting organised as a group as the letter indicated as a footnote that . “There are various parties working to sabotage this course of action and therefore you have to be mindful of distributing bogus letters among depositors by these saboteurs”.
One irate depositor, who did not want to be named, said that when he went to the company office to ascertain why such letter was not sent to him, he was chased away by one of the directors.
Many depositors not only from this failed finance company but from others too said that they do not trust the government as some of the politicians who are in power who promised speedy solutions to their problems have forgotten the depositors.
They say the authorities have allowed these failed finance companies to plunder the people’s money while the alleged criminals are not properly punished or no attempt has been made to retrieve the money estimated at Rs, 13 billion from F&G PDL & RECL.