Depositors of the Finance & Guarantee (F&G) Company Ltd, a former Ceylinco firm now managed by Merchant Bank of Sri Lanka PLC (MBSL), will get some relief with the company planning to resume interest payments with arrears from March under a new company name - Island Finance, its Chairman Janaka Ratnayake said.
Earlier interest payments of the company had been halted on a Supreme Court order restraining the functions of the F&G, until this order was vacated in October last year. Mr Ratnayake, referring to the current status of other failed Ceylinco companies managed by MBSL, said The Finance Company (TFC) and Asian Finance Ltd. have achieved steady progress, and has built confidence among customers within a short period.
He disclosed that TFC is continuing the payment of interest to depositors up to date, at the rate of 10% and it will be increased to 12% while 13% interest will be paid for senior citizens. However he said that there was a delay in paying of interest at Ceylinco Investment and Realty Ltd (CIRL) due to some liquidity problems and it will be settled with the assistance of the Central Bank. Several depositors of CIRL say they have not received interest payments from July 2009 to December 2009. |
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