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The Finance depositors seek urgent govt. intervention

17 March 2021 03:00 pm - 0     - {{hitsCtrl.values.hits}}

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The Depositors of the failed The Finance Company PLC (TFC) have called on the government to urgently intervene in the settlement process, so that they are able to obtain their funds at the earliest.

Addressing a press conference this morning, the ‘Independent Organisation to Protect TFC Depositors’ said the relevant authorities continue to turn a deaf ear to the request and pleas made thus far.

Furthermore, the depositors pointed out they are not in agreement with the decision of the Central Bank (CBSL) to liquidate the assets of the company to settle the depositors as they fear the process could take over 10 years to reach completion.

TFC, which is a non-bank lender of the collapsed Ceylinco Group, had its business license cancelled in May, last year, thereby was not permitted to engage in the finance business from that date.

 

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