A repayment plan from Ceylinco Shriram Capital Management Services Co. (Pvt.) Ltd – on behalf of two of its units -- was rejected by the representatives of depositors at a meeting in Colombo on Tuesday.
Directors of the company Rajeev Wijetunge, Hiran de Silva and Ms Padmini Karunanayake told the depositors that only 45% of their money will be repaid after five years in accordance with the new payment plan, depositors present at the meeting said.
The directors said the company is not in a position to settle the money at present as it is facing a financial crisis. The proposal was rejected by depositors’ representatives.
The company has sought the expertise of Wealth Lanka Management (Pvt.) Ltd to evaluate the assets and liabilities of two companies it manages -- Ceylinco Capital Investment Company (Pvt.) Ltd and CLC Asset Management (Pvt.) Ltd and to formulate a repayment program to meet its liabilities to creditors. The total deposit base of the company is 6,000 and the amount of deposits is Rs. 7 billion. |
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