German investors express interest to fully acquire CIFL

A delegation from Germany’s Vandell Financial Services SA, who visited Sri Lanka recently, has expressed interest to acquire the troubled Central Investments Finance PLC (CIFL) in full, a stock exchange filing by the finance company said. 

According to the filing, the delegation had met with President Maithripala Sirisena and Finance Minister Ravi Karunanayake along with the other regulatory authorities. 

Quoting a CIFL Depositors’ Association official, our sister paper Sunday Times last Sunday reported that Vandell Financial Services SA was willing to inject Rs.5 billion into the troubled CIFL to rescue it. 

CIFL said it has submitted all the clarifications to the investor delegation and is awaiting their response in the form of a Memorandum of Understanding indicating the future plan of action with the final objective of reviving CIFL and handing over the management to the new investors.  

The German investor delegation consisted of former German parliamentarians Joachim Spatz and Hekga Gabriele Molitor, attorney-at-law Volker Fehrensen, Lankan-born financial advisor Prince David Yogeesen and finance professional Abdul Cader Mohamed Ibrahim.