Lanka Business and Credit Finance meets depositors of troubled City Finance for payment plan

Monday, 11 June 2018 00:00 - - {{hitsCtrl.values.hits}}

Lanka Business and Credit Finance the newest and the only finance company based in the southern region recently met with depositors of the troubled City Finance at Public library Hall in Colombo to inform their plan to repay the money in fixed deposits stuck for nearly three years.

Addressing the gathering of over 800 depositors who were there to get the solution for their hard earned money management of Lanka Business and Credit Finance assured that they would repay according to the plan they have negotiated with Central Bank.

The agreement reached with the Central Bank is as follows: 10% of deposits and interest liabilities on or before 31 May 2018; 45% of deposits and interest liabilities on or before 30 April 2019; Balance 45% on or before 30 April 2020. Interest for the existing deposit liabilities will be paid at 4% per annum on monthly basis and obtain listing on the Colombo Stock Exchanges on or before 31.03.2020.

Lanka Business and Credit Finance CEO/General Manager/Executive Director Kandegoda Gamage Leelananda who initiated the acquisition of the City Finance assured the depositors gathered that they would stick o at all n the plan negotiated with Central Bank and depositors would never be fooled unlike other companies who earlier made proposals without any financial back up.

Leelalanda requested the depositors to be patient in this process that LCBT has to pay millions of rupees and would be paying continuously without arrears. As promised LCBT has already resumed the payment of the first portion and they have issued more than 600 cheques to depositors as at now.