|
||||
Wijenaike steps down after 50 years at the top Chandra Wijenaike, founder chairman of Central Finance Company Ltd, is retiring after nearly 50 years at the top and the directors are expected to elect a new head after the next AGM on August 24.
Wijenaike, 79, led the Kandy-based finance company to become one of the island’s strongest non-bank financial institution, an achievement which reflects the public trust in his integrity and business acumen. It is the only finance company that has grown up to a national level from an outstation base. Central Finance said revenue rose to Rs. 3,351 million and after tax profit at Rs. 935 million for the 2005-06 year but warned that high rates of taxation on the financial services sector will have long-term negative implications for expansion of the sector as it will impede internal capital formation. “Further the fact that previous attempts to simplify tax structure have not been implemented due to subsequent policy changes and the lack of a consistent government policy relating to taxation has created several issues for the corporate sector in planning their taxes,” it said. However the company said it was optimistic about the future and “is determined to take full advantage even if the opportunities generated in the economy are limited due to forces beyond our control.” (CD) The focus will be new opportunities in rural sectors through an increased network of branches. The company will continue to focus its attention on the SME sector as it has recognized that its growth potential is clearly linked with development of this sector. |
||||
Copyright © 2006 Wijeya Newspapers
Ltd. All rights reserved. |
