Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
Sri Lanka Equity Forum

Discussion Forum for Stock Market Investors in Sri Lanka

සිංහල පරිවර්තනය
Submit Post
Submit Post

Latest topics

» MARKET CRASH - GUARANTEED
by samaritan Today at 2:03 pm

» HVA might give dividend
by anjelo Today at 1:35 pm

» SRI LANKA'S ECONOMY
by samaritan Today at 1:14 pm

» ONE TIME WORLD BEST STOCK MARKET -WHAT HAPPENED?
by dsam Yesterday at 2:21 pm

» PREDICT And WIN..........
by Eugine Fernando Yesterday at 2:12 pm

» TOUGH TIMES AHEAD........!!!!!!!!
by cruiserdude Yesterday at 10:47 am

» TECHNICAL ANALYSIS REPORT FOR JUNE
by glad Sat Jun 16, 2018 10:34 am

» Market up soon...
by ruwan326 Fri Jun 15, 2018 6:06 am

» Chicken imports to be banned
by TuTanKaman Thu Jun 14, 2018 7:48 am

» VLL - Vidullanka PLC Private Placement
by The Hunter Wed Jun 13, 2018 9:20 pm

» CALF doubled price genuine?
by ruwan326 Wed Jun 13, 2018 10:47 am

» LLUB - foreign exit
by ruwan326 Wed Jun 13, 2018 10:42 am

» Howmuch will the dollar be in one week
by anges Tue Jun 12, 2018 7:21 pm

» FUTURE GEMS.....
by lishanthan Mon Jun 11, 2018 8:30 pm

» GARMENT INDUSTRY to enjoy double digit growth in the following year
by reyaz Mon Jun 11, 2018 1:59 pm

» Sira price to increase
by reyaz Mon Jun 11, 2018 1:33 pm

You are not connected. Please login or register

Sri Lanka Equity Forum » Stock Market Talk » SFS,,,What happened???

SFS,,,What happened???

Go down  Message [Page 1 of 1]

1 SFS,,,What happened??? on Wed Feb 07, 2018 11:01 am

rasikagamage


Senior Equity Analytic
Senior Equity Analytic
Sad Shocked Shocked Shocked Shocked Shocked

2 Re: SFS,,,What happened??? on Wed Feb 07, 2018 7:52 pm

crs

avatar
Equity Analytic
Equity Analytic


By Charumini de Silva

The Central Bank of Sri Lanka has sought information from the Suspicious Transaction Reporting Office (STRO) - Singapore’s Financial Intelligence Unit (FIU) - over the credibility of the Malaysian bidder for several assets of the EAP Group’s ETI subsidiaries.

Despite the concerns that have been raised within local business circles over the credibility of the Malaysian businessman negotiating on behalf of a Singaporean company to buy EAP Group businesses, the Central Bank seems to have found no records of this potential investor’s involvement in any financial crimes, the Daily FT learns.

“Singapore-based Straits Grid Pte. Ltd. has made an offer for $ 75 million to buy nine subsidiaries and properties belonging to ETI Finance Ltd. (ETIF). From the credentials provided to the Central Bank thus far there is no information that this investor is involved in money laundering or terrorist activities,” a senior official of the Central Bank told the Daily FT on condition of anonymity.

Nevertheless, concerns are being raised over Malaysian businessman Sudhir Jayaram due to a host of matters including alleged criminal acts such as money laundering, with him being nabbed at the Bandaranaike International Airport (BIA) prior to his departure with $ 50,000 in undeclared currency in November last year. His son and another individual also had $ 50,000 each in their possession while the fourth individual carried $ 58,000. Thanks to political influence, Jayaram was released without suffering any penalty. Some sources say the authorities have launched a full-scale probe into the incident. 

Jayaram is also part of a consortium which includes SupremeSAT-fame R.M. Manivannan, engaged in the $ 250 million Horton Square mixed development project in Colombo 7, which the Cabinet Committee on Economic Management (CCEM), chaired by the Prime Minister, has raised various questions over. He was also named in the United Nations investigation into the famous Iraqi oil-for-food scandal in late 2000. The Central Bank has been in the know of the bid by Jayaram and the questionable credentials of his consortium.  

In spite of these concerns, representatives of the beleaguered ETIF yesterday met once again with the officials of the Central Bank to further discuss the potential investor. 

“The Central Bank has found no financial crime records against the Malaysian investor to take over the assets of the ETIF. However, the Central Bank has now requested further information from the FIU of Singapore,” he added.

Sources said there had been several rounds of negotiations on the deal prior to the ETI and other finance company Swarnamahal Financial Services Plc (SFSP) which were brought under the Central Bank’s purview on 3 January.

Upon receiving STRO’s response, the Central Bank will be in a position to submit a paper to the Monetary Board on the way forward with ETIF.

Concerns include whether the Central Bank will allow a party with alleged questionable character to run a deposit-taking finance company i.e. Swarnamahal Financial Services. Doubts are also being raised over whether the Telecommunications Regulatory Commission (TRC) will issue a ‘no objection’ letter to change the name of the owner of the frequency leased to Swarnavahini of the EAP Group. 

This is in the event Jayaram and his partners succeed in manoeuvring the EAP deal in their favour using political clout.

With a view to safeguard the interests of depositors and ensure the stability of the financial system, the Central Bank appointed a new management panel on 3 January to oversee the troubled ETIF and listed SFSP. Since then the two companies have performed to a satisfactory level, but the inflow through deposits has seen a decline, while loan recoveries and return on investments (ROIs) are continuing as usual, sources said. 

3 Re: SFS,,,What happened??? on Thu Feb 08, 2018 10:10 am

EquityChamp

avatar
Moderator
Speculation is driving this stock and can reach 2/- without any volume barrier. Only advisable for trading purposes.

4 Re: SFS,,,What happened??? on Thu Feb 08, 2018 11:33 am

rasikagamage


Senior Equity Analytic
Senior Equity Analytic
Why they not release price band??? Shocked Shocked Shocked Shocked

5 Re: SFS,,,What happened??? on Thu Feb 08, 2018 11:48 am

sureshot

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@rasikagamage wrote:Why they not release price band??? Shocked Shocked Shocked Shocked

waiting for Alosiyas to ring the bell......

6 Re: SFS,,,What happened??? on Thu Feb 08, 2018 12:50 pm

rasikagamage


Senior Equity Analytic
Senior Equity Analytic
He may ring the bell tomorrow,,,, Smile Smile

7 Re: SFS,,,What happened??? on Thu Feb 08, 2018 1:20 pm

rasikagamage


Senior Equity Analytic
Senior Equity Analytic
SFS JUMPED LIKE WHAT??? Shocked Shocked Shocked Shocked Shocked Shocked

8 Re: SFS,,,What happened??? on Mon Feb 12, 2018 11:05 am

Miss-Sangeetha

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
SFS, All the delusion has gone and reality is on the way

9 Re: SFS,,,What happened??? on Sun Apr 08, 2018 1:13 pm

Miss-Sangeetha

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Sri Lanka’s Central Bank (CB) is closely monitoring the deal between the EAP Group and a Singapore investment fund company to sell its subsidiaries of the group and rescue a struggling finance company, CB Governor Indrajit Coomaraswamy said in Colombo on Wednesday.

The Singapore investment is meant to resuscitate the ailing Edirisinghe Trust Investment Finance Ltd (ETIFL). But he noted that potential capital infusion would not completely resurrect the ailing company.

Sources 

 http://www.sundaytimes.lk/180408/business-times/central-bank-closely-monitors-eap-group-deal-288539.html

Please note that earlier also Sunday Times Business column reported about TWOD, ALHP deal story that sent those two shares to sky and subsequently downloaded huge amount of shares at high price by reputed broker Firm on penny investors heads 

10 Re: SFS,,,What happened??? on Mon Apr 09, 2018 7:21 am

EquityChamp

avatar
Moderator
SFS is too impacted by the over speculation. However the chances are very low for an investor to pump money as it requires huge new capital first to meet the working capital requirements and then second to meet with new CB requirements by finance companies. Even if all these are made then there is a huge risk on restoring customer confidence. How many of the existing customers would like to renew their deposits? Who will plan to make new deposits with such a troubled company.

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum