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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyToday at 1:02 pm by LSE

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyFri Jan 24, 2020 10:08 am by lanka

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyFri Jan 24, 2020 9:33 am by yellow knife

» බැඳුම්කර වංචාවේ වෝහාරික විගණන වාර්තාව පාර්ලිමේන්තුවට
Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyFri Jan 24, 2020 7:05 am by nihal123

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyFri Jan 24, 2020 6:37 am by nihal123

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyThu Jan 23, 2020 5:55 pm by NIRMALSG

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyWed Jan 22, 2020 10:20 am by lanka

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyTue Jan 21, 2020 10:17 am by කිත්සිරි ද සිල්වා

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyThu Jan 09, 2020 9:59 pm by nihal123

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyMon Jan 06, 2020 2:41 pm by කිත්සිරි ද සිල්වා

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyFri Jan 03, 2020 11:55 am by nihal123

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyThu Jan 02, 2020 9:20 am by Admin

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyWed Jan 01, 2020 9:29 am by The Invisible

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyTue Dec 31, 2019 6:33 pm by nihal123

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyThu Dec 26, 2019 9:23 pm by spw19721

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyThu Dec 26, 2019 9:15 am by කිත්සිරි ද සිල්වා

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyWed Dec 25, 2019 8:33 pm by pjrngroup

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyTue Dec 24, 2019 8:50 am by Topcat

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptySat Dec 21, 2019 5:34 am by NIRMALSG

» Sri Lanka to up employer EPF contribution to 15-pct, start social security fund
Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyWed Dec 18, 2019 2:46 pm by The Invisible

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Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyFri Dec 13, 2019 12:37 pm by serene

» Sri Lanka can resume high growth path, cut more taxes: Mark Mobius
Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyThu Dec 12, 2019 9:29 am by The Alchemist

» රතු වැටෙනකොට
Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyWed Dec 11, 2019 2:59 pm by කිත්සිරි ද සිල්වා

» Sri Lanka interest rates should go down, currency will not fall: Mark Mobius
Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyWed Dec 11, 2019 11:18 am by The Invisible

» Equation of Happiness Solved
Sri Lanka's The Finance struggle to recover Ceylinco assets EmptyTue Dec 10, 2019 5:23 pm by Backstage

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Sri Lanka's The Finance struggle to recover Ceylinco assets

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Sri Lanka's The Finance struggle to recover Ceylinco assets Empty Sri Lanka's The Finance struggle to recover Ceylinco assets

Post by The Invisible on Fri Aug 24, 2018 11:29 am

ECONOMYNEXT - Sri Lanka's The Finance Plc, a unit if the now defund Ceylinco group which has a 14 billion rupee hole in its balance sheet, said it was struggling to recover loans and other assets given to member firms without proper documentation.

"..{O]ne of the most challenging tasks the board had during the year under review was to initiate action on recovering the loans granted to former Ceylinco Group companies," current chairman Wasantha Kumarasiri told shareholders.

"Lack of documents on many transactions on historical legacy issues is the main challenge faced by the Board."

The board of the non-bank lender had been replaced by the regulation as part of efforts to restructure the firm.

A property, France Road Residencies, for which the firm had title, but was under a different Ceylinco firm had begun to transfer and a buyer had been found for 575 million rupees. However a 'new challenge' had emerged in the completing the transfer, Kumarasiri said without elaborating.

A buyer has been found for The International School in Galle and Payagala, General Manger Nimal Mamaduwa said.

Unprofitable branches had been closed and head office staff reduced to cut costs.

In the March quarter The Finance lost 743 million rupees. It had interest expenses of 1.09 billion rupees and interest income of 791 million rupees.

The Finance had 22 billion rupees of assets on the books, 29 billion rupees of deposits from customers and also 5.3 billion rupees in borrowings, giving negative net assets of 15 billion rupees.

The firm is looking for a buyer who can infuse 125 million US dollars. (Colombo/Apr24/2018)
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Sri Lanka's The Finance struggle to recover Ceylinco assets Empty Re: Sri Lanka's The Finance struggle to recover Ceylinco assets

Post by කිත්සිරි ද සිල්වා on Fri Aug 24, 2018 4:53 pm

මෙන්න කොතළාවලගේ කෙරුවාවෙන් බිදක්. Shocked

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Sri Lanka's The Finance struggle to recover Ceylinco assets Empty Re: Sri Lanka's The Finance struggle to recover Ceylinco assets

Post by Ethical Trader on Fri Aug 24, 2018 5:51 pm

See this also to find out the beginning of their collapse.
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