JVP speaks up for woes of finance company depositors

Wednesday, 7 September 2016 00:01 - - {{hitsCtrl.values.hits}}

Long forgotten depositors of now defunct Finance and Guarantee Ltd. of fallen Ceylinco Consolidated earned the Prime Minister’s attention yesterday in Parliament.

Opposition Lawmaker Anura Dissanayake, while highlighting the difficulties the depositors faced over a period of eight years, demanded the Government’s intervention.

“With the depositors were seeking Supreme Court assistance the Central Bank of Sri Lanka was entrusted with the task of revising Finance and Guarantee Ltd. Firstly, the management was handed over to Merchant Bank and then to Union Bank,” he said.

“Subsequently, with the acquisition by Union Bank, UB Finance Company was established with the assurance of issuing shares to the owners of Finance and Guarantee Ltd. This was never done even three years after the acquisition. Over 50 depositors committed suicide after having lost their sole income. Many of the depositors are senior citizens dependant on pensions. UB Finance has failed to allocate shares to depositors as per the Central Bank guideline and also to list the company on the Colombo Stock Exchange,” said MP Dissanayake.

Prime Minister Ranil Wickremesinghe, who is waiting for a detailed report from the Central Bank, assured the House that he would reveal more information in due course. (AH)