CIFL included in financial sector consolidation program
Friday, 1 August 2014 00:26
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The troubled Central Investments and Finance Plc (CIFL) has been included in the Government-initiated and Central Bank-monitored financial sector consolidation program.
The company said in a filing to the CSE yesterday that the Financial Sector Consolidation Unit of the Central Bank has advised the Board on 30 July that KPMG Sri Lanka has been assigned to carry out the due diligence, valuation and information memorandum of the company. This is in preparation for CIFL to be part of the financial sector consolidation program.
KPMG is a firm of chartered accountants in the list of the approved panel of auditors for the program.
The CIFL Board has been requested to facilitate the process and provide all information required by KPMG to carry out the assignment in a timely manner.
The Central Bank letter had been copied to CIFL Managing Agents People’s Leasing and Finance Plc as well.
