Financial Times

F&G directors to disclose assets


The Central Bank (CB) this week asked all directors and office bearers of the failed F&G Property Developers (Pvt) Ltd and F&G Real Estate Company Ltd to disclose their assets and liabilities as at 3rd April 2009 to the Monetary Board June 5. Both companies are facing a crisis, similar to several other companies in the Ceylinco Group.

This action has been taken in accordance with the Supreme Court directive, following interim orders issued by the court considering a fundamental rights application of F&G depositors on April 27. In a newspaper advertisement, the CB has directed the two companies not to accept any further deposits and grant new loans or make any investments or alienate in any manner, mortgage or pledge the assets with immediate effect.

The two companies’ should furnish the details of assets and liabilities as at 31 March 2009 to the Monetary Board by 5th June 2009. The CB also directed authorities such as the Registrar General, Registrar General of Lands, Commissioner of Motor Traffic and the Securities and Exchange Commission of Sri Lanka to prevent transferring or transacting assets of these two companies with immediate effect. Depositors have also been requested to submit details of the money placed with the two companies.

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