Poser to CB on CIFL

Thursday, 3 July 2014 00:54 - - {{hitsCtrl.values.hits}}

The Central Investment and Finance Ltd. (CIFL) has collapsed and there is no chance of survival. With effect from 1 January 2012, deposit holders are covered by an insurance scheme to the maximum amount of Rs. 200,000 per person. This is possible only when the Central Bank suspends the activities of the said finance company, preventing them from accepting deposits from the public at large, or the company is liquidated. Under the circumstances, the Central Bank should take steps to secure at least Rs. 200,000 per individual depositor (maximum) without prejudice to rights of deposit holders. Can a financial or legal expert express his opinion for the benefit of all unfortunate deposit holders? S.R. Balachandra, BSc.FCA,FCMA, Colombo 6.