People’s Leasing and Finance appointed Managing Agent for CIFL

Tuesday, 2 July 2013 00:08 - - {{hitsCtrl.values.hits}}

The Monetary Board has appointed People’s Leasing & Finance PLC as the Managing Agent of Central Investments and Finance PLC (CIFL) with effect from yesterday. This move is considering the prevailing liquidity and management issues of the CIFL and has been made under the provision of section 25 (1) (f) of the Finance Business Act. No. 42 of 2011 (FBA). The Central Bank said the Managing Agent would be expected to improve the financial status of CIFL within a reasonable period of time and the Central Bank would closely monitor the progress. In the meantime, all present members of the Board of CIFL would be expected to extend their full cooperation to the Managing Agent to resolve the current issues faced by the company, while they would also be held responsible for the settlement of liabilities of depositors and other creditors prior to the appointment of the Managing Agent.

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