Demanding the Central Bank (CB) to find a redress, disgruntled depositors of Industrial Finance Ltd (IFL) and CIFL Finance and Asset Management Ltd staged a protest on Thursday opposite the CIFL Finance and Asset Management Ltd at Dhramapala Mawatha in Colombo.
Protest on Thursday.
Pic by Berty Mendis |
They made a request from the CB to protect their deposits as the regulator because the management of the two companies had engaged in a ‘mega deception’.
President of the IFL Depositors Society Patricia Fernando told the BusinessTimes that they are urging the CB to intervene as the failed finance company was approved by the CB. She said that 3,761 depositors of the two companies had been deprived of their monthly interest payment since June 2009 and the two finance companies failed to pay matured deposits since September 2008.
She added that the deposit base is around Rs 2.2 billion and the asset value is around Rs.600 million. The companies are unconneted to the Ceylinco Group, which led the collapse of many finance companies in late 2008. Depositors said that the CB stepped in late last year and appointed People’s Leasing Co as the managing agents of the two companies but they are still to get any relief. CB officials were not immediately available for comment. |
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