CIFL depositors seek Supreme Court relief
The Central Investment and Finance Ltd Depositors Association (CIFLDA) though resorting to all the possible means to obtain their deposits and interest for the last seven years have not been able to recover their dues fully and have lost all hopes for such a full recovery.
In this rather disappointed backdrop, the CIFLDA held its AGM at the Colombo Public Library last week attended by a large number of its members from all round the country.
Assuring the members, K. Wijeyagunawardena, President, CIFLDA indicated that in this lost scenario, as the ultimate resort they are pinning their hopes in the fairness and the justice in the country’s courts – the highest echelon of justice – The Supreme Court.
He said that they are now taking steps to institute a ‘rights violation’ case against the authorities who have committed violations against their members.
He told the gathering that Upul Jayasuriya PC, former President, Sri Lanka Bar Association, would be retained to appear for the CIFLDA in the Supreme Court when their rights violation case is taken up. Mr Wijeyagunawardena informed the members that one of Mr. Jayasuriya’s juniors Sandamal Rajapakse, Attorney-at-law was present at the AGM to clear any queries with regard to the impending court action for the benefit of the membership.
While Mr. Rajapakse responded to the queries of some of the members, a member posed the question whether any influence could be exerted on the judiciary once a judgment is made as there were allegations of influencing the judiciary.
Mr. Rajapakse, in response, remarked that the 19th Amendment to the Constitution could be considered as unique as it has fortified the independence of the judiciary and such possibility of influencing the judiciary would be rare or impossible due to this piece of unique law.
Mr. Wijayagunawardena explained how strenuously he and his team of officials have fought for the last seven years withstanding many odds to help the members to get their total deposits. They have alerted all possible avenues, he said starting from the parliament, the President, the Prime Minister, Minister of Finance, Ministers, the Opposition and many others were alerted to their woes , but said “sadly there is no relief forthcoming” .
He said that there are apparently around 42 such financial institutions and among them 32 were considered to almost completely crippled and 10 out of them have definitely crashed. The numbers affected in these non-banking financial institutions would be to the tune of nearly 50,000 and said that at CIFL alone the number of depositors is more than 4,000 and amounts of their deposits could run into billions.
He reminded that most of their members or the depositors are very old and are sick, most of them are under medication and they have deposited their old-age pension in these financial institutions and are depending on the interest for their medication and sustenance. Mr. Wijeyagunawardena disclosed by now more than 100 such sick people have died.