Relief for Central Investment and Finance depositors

Central Investment and Finance PLC, 181/1A, Dharmapala Mawatha, Colombo 7, is a finance company that collapsed in 2012.So far no relief has been received by the unfortunate deposit holders. Regrettably proposals made by the Central Bank for restructuring have not been accepted/or implemented successfully todate.

As per the Section 9.2 of the Sri Lanka Deposit Insurance Schedule Regulations compensation on insurance for deposit liabilities (maximum Rs.300,000per member) would be paid only when the license of the registration of the said institution is suspended/cancelled by the Monetary Board.

It is high time for the Central Bank to take immediate constructive steps to cancel/suspend the license, so that atleast Rs.300,000(maximum) would be paid to the deposit holders.

The Ministry of Finance could consider this as in the case of Golden Key deposit holders, for granting any further relief over and about Rs.300,000(maximum) to deposit holders.

With effect from 1 January, Rs.200,000is payable on liquidations Mere delaying serves no purpose.Hope the Central Bank announces its decision to the public through the press.

Better late than never.

S.R.Balachandran, BSc.FCA,FCMA (Sri Lanka)