Touchwood investors in a touchy situation

Friday, 4 October 2013 02:15 -     - {{hitsCtrl.values.hits}}

Following on the liquidity crisis faced by CIFL is another serious financial crisis brewing at Touchwood Investments PLC. We would like to know why the Monetary Board of the Central Bank, the Colombo Stock Exchange and the Auditors are silent when the performances of these companies have become dismal. It was reported in the newspapers that the main founder cum Directors, the Maloney couple, have surreptitiously left the island. This is to suggest the authorities responsible should get them extradited, sued and incarcerated as otherwise more and more people will lose their hard-earned life savings. A few have even committed suicide in the past having lost their savings. Is it not within the scope and jurisdiction of the Auditors to go public/expose if they detect any fishy transaction? Of what use are the Monetary Board and the Auditors when the mission and vision statements of these investment companies are observed in the breach, transparency in accounts is absent,  checks and balances are not  in place to prevent the company’s downfall and safeguard the interest of the investors? Hope the Auditors concerned will respond and similarly the Monetary Board apprise the both the investors and the public of the current status quo of these companies and what they propose to do in the future to prevent the collapse of these companies. Fathima Hafsa Colombo 14