Monetary Board cancels CIFL’s licence

The Monetary Board of the Central Bank yesterday informed the Colombo Stock Exchange that it cancelled the licence granted to Central Investment and Finance PLC (CIFL).

CIFL, which was endorsed by a star cricketer in the country, ran into liquidity and administrative difficulties in 2013. Since then, by appointing managing agents and entertaining proposals from various investors, both foreign and local, who submitted plans to bail out the company, the Central Bank has attempted to revive the ailing finance company.

However, the decision to cancel CIFL’s licence to operate as a finance company shows all such attempts have failed.

A Central Bank’s letter to the CSE said that the notice of cancellation was communicated to CIFL on November 17, 2017.

However, it said CIFL could submit objections over the decision to the Monetary Board in writing, in which case the Monetary Board may consider such objections and further action may be determined.