CIFL crisis: Please Mr. President help us
View(s):Central Investment & Finance Co. Plc (CIFL) has stopped interest payments to all its fixed depositors with effect from July. Many depositors are senior citizens who have invested their Provident Fund and other meagre savings for payment of a monthly inteest to eke out their living. Almost all depositors who have invested for monthly interest solely depend on the monthly interest for their day to day expenses. Stopping monthly interest payments have put these poor investors on the suicidal path if no effective revival is possible in the near future.
The Central Bank says restructuring of the CIFL is underway with new investors and request the depositors to stay calm until some arrangements are made. It says that since the issue is complicated and complex it would take a reasonable period of time. This suggestion is rather ridiculous as people who solely depend on their monthly interest cannot starve indefinitely. Therefore, I would respectfully suggest that at least the depositors on the monthly interest basis are paid their monthly interest during the interim period and quick action taken to soften the impact on the others.
All depositors were under the impression that the Central Bank would monitor and vouch for the safety of the depositors since it is registered with the regulator as acknowledged by them. It is hoped that the President who is also the Finance Minister would intervene in this matter and grant redress to all concerned.
D.W. Wijegoonawardena
622, Uthuwankanda
Mawanella.