Three CIFL Directors get bail on repayment assurance

Tuesday, 17 September 2013 01:00 - - {{hitsCtrl.values.hits}}

Three Directors of the CIFL finance company who were summoned before the Colombo Fort Magistrate’s Court for allegedly defrauding depositors by issuing dud cheques were released on bail after undertaking to pay back the depositors’ money. Three Company Directors – Don Joseph Douglas Jayatilleka, Ajith Prabath Samarasinghe and Premasiri Vithana – had been named as the suspects in three separate cases filed by the Slave Island Police, alleging that the finance company had defrauded three depositors of Rs. 1.1 million by issuing dishonoured cheques. The three Company Directors were ordered to be released on two sureties of Rs. 1 million each by Magistrate Thilina Gamage and their passports were also ordered to be impounded. Defence Counsel appearing for the suspects told Court that the finance company was in a position to pay back the monies after receiving the Central Bank’s approval. However, the Acting Director of the Non Bank Finance Institutions of the Central Bank maintained that the Central Bank never suspended repayments to depositors of this company and further said performance of all functions of the CIFL were under the responsibility of its Board of Directors. Meanwhile, the Acting Director of the Non Bank Finance Institutions of the Central Bank further told that the administrative activities of the CIFL had been handed over to People’s Leasing Company as the Managing Agent. Meanwhile, the Magistrate directed the CB that a meeting be arranged with People’s Leasing Company to discuss the possibility of releasing the funds to the depositors and further directed that a report pertaining to the matter be filed before Court on 23 September.

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