F&G depositors: Frying pan to the fire
Depositors of the Finance and Guarantee (Developers) & (Real Estate) Companies under Ceylinco Group Depositors (F&G) are bewildered as to what is happening to their hard-earned monies and whom to ask.They have been undergoing tremendous hardships for the past six or seven years without getting any return or their capital investment. As we all know these two companies were given under a Trust headed by the retired Auditor General and they were getting more than Rs.100,000 for a month for more than three years. They have anyway compiled the assets of the two companies with values amounting to more than Rs. 6 billion according to the valuation done by them, one of the trustees being a retired valuer of the Valuation Dept.
The assets of these companies have been handed over to an executive committee of an association of depositors headed by a retired brigadier, to find an investor and make avenues in settling the depositors’ monies by the Supreme Court but they failed in their endeavors in fulfilling the given task, Now a set of so-called depositors of the two companies have come forward through a court order and they are having a gala time at the Fingara premises where the Trust had been established in the past. According to information there are five board directors and another few officers running the place. They have partitioned the earlier car park portion to few cubicles. It is reliably understood that 10 per cent of several depositors’ monies have been refunded below a certain amount and nothing has been told about the balance payments.
The appointments to this board by the court have not been informed to the depositors properly. Even the modus operandi of the board on repayments of depositors’ monies has not been informed. It is evident that irregularities are taking place, as nothing is transparent in their activities. On behalf of the innocent depositors of these two companies, it would be a meritorious deed if the responsible officials of the Central Bank and/or Government (Minister of Finance) are not taking any action, that the FCID or CID should look into the activities of this Board and enlighten the depositors of their fate. Most of the depositors are in the over-60 age group while some are in the 70s and 80s suffering from untold agony for want of money in meeting their medical bills and this has led to a handful of depositors to have their own way.
Disgusted Depositor