Business Times

F&G to change to Island Finance

By Bandula Sirimanna

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.

Top to the page  |  E-mail  |  views[1]
Other Business Times Articles
Opportunity costs of elections as bad as direct costs
Relaxing forex controls good for business
Finance depositors to support a presidential candidate
Hemas: No more investments in hospitals
CIMA UK appoints Sri Lanka council after 2008 drama
Raigam firm to prove its ‘salt’ in CSE
F&G to change to Island Finance
Comment - Foreign exchange relaxation: Are we ready?
Interest rates hike for senior citizens welcomed
10% GDP growth by 2012- Amunugama
Hayleys returns to Jaffna with new-concept outlet
Dr. Thusitha Tennakoon appointed Secretary General of FCCISL
DFCC Vardhana Bank, Sampath Bank jointly offer comprehensive ATM facility
HSBC’s ‘Sign on your Dreams’ offer
Executive Presidency – the cost of maintenance
BDO Sri Lanka joins international network to adopt single trading name
Nation Lanka Finance PLC’s ‘Rights Issue’ fully subscribed
Evaluating Sri Lanka's e-Government policy
CB sees rapid social development in post-war era
Colombo Stock Exchange broke several records in 2009
Top Asian officials to discuss lessons of financial crisis
NAMAL Amana Equity Fund declares dividend
Assistant school supervisor in Doha wakes up a millionaire
New Deputy Secretary General assumes duties at Ceylon Chamber
CB forex relaxation hailed by stock market
NCCSL seminar on maximising income from deposits
ICT, entrepreneurial skills for ex-LTTE combatants
NAC becomes CCC affiliate
Lanka can become financial hub in South Asia
TRC approached by foreign firms to develop satellite
Evening with Aviation Leaders
Lanka Hospitals sets international standards in SL
Lanka Walltile looks at new areas
“CB extends capital requirement deadline for Banks”
The retirement income conundrum Intelligent Investor
Hedging case far from over
Fonseka to meet biz community on Jan 12
Jaffna Youths receive business loans from Youth Business Lanka


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution