|
|
 |
 |
| Sunday, 21 September 2003 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
Pramuka stakeholders call for review of bank restructuring The Pramuka Stakeholders Association has written to the Monetary Board through its lawyers, requesting for a comprehensive review of the restructuring status of the Pramuka Savings and Development Bank. "We are awaiting a positive response from the Monetary Board and the Central Bank Governor, and we are confident of winning the support of the Board once they meet with us," said Chairman of the Restructuring Committee K.C. Vignarajah. The delay in reopening will result in an ultimate liquidation of the bank and it has been proved that liquidation is not the solution. Therefore, depositors will be better off if they can control the operations of the bank and make it attractive for the big players in the financial sector to get involved, he added. "Within six months of taking control of the bank, we will have a liquidity situation of Rs 700 million (excluding new investments) and in my opinion, this is very attractive to bankers and other first class financial institutions," stated Vignarajah. "When we asked the Central Bank for the information, instead of the comprehensive statement comprising financial information including the schedule of depositors, borrowers as well as the classification of loans, we got bits and pieces from time to time. "When we have the information on the borrowers, we can try to persuade them to pay back the loans. We will also be in a better position to negotiate with an investor and present the proposals for restructuring as the chances for restructuring will be very thin with the passage of time, " he said. |
|
News | Business | Features
| Editorial | Security Produced by Lake House |
