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Sri Lanka Equity Forum » Stock Market Talk » Be Alert !!!

Be Alert !!!

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1 Be Alert !!! on Mon Aug 29, 2016 12:23 am

vic19

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Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Major Financial Institution On The Verge Of Collapse
A major financial institution is on the verge of collapse owing to the failure by the Central Bank to closely supervise its operations. The financial institution, which operates with an island-wide network, was earlier under the Ceylinco Group but is now managed by the Central Bank.
Well informed sources said that poor management of the financial institution by directors appointed by the Central Bank is threatening to derail the operations of the company.
In 2009 when the Central Bank decided to restructure the company after the collapse of its parent company, it had assets over of Rs. 35 billion and a deposit base of around Rs. 25 billion.
However its current directors have reportedly mismanaged the institution, one of the oldest in the country, and this had led to even several employees resigning.
The new directors were appointed last year and since then disagreements arose between the staff and the management.
Sources said that the Managing Director of the financial institution had been removed from another company which he had mismanaged before he got his latest appointment. Employees of the company have said that the Central Bank’s failure to closely monitor the functions of the financial institution could result in some employees being unemployed.
If this issue is not addressed soon, it could end up like another Golden Key debacle.




above article appeared today on Sunday leader 29/08/2016.
I dont know which  company they were referring to. any one knows ???. 


what ever it is be careful with the rumors on this forum by some members. thanks

2 Re: Be Alert !!! on Mon Aug 29, 2016 12:28 am

stockback


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
THE FINANCE COMPANY PLC(TFC.N0000)?

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