People's Leasing to manage CIFL

The Monetary Board last week appointed People's Leasing and Finance PLC as the Managing Agent of Central Investments and Finance PLC (CIFL) from this month under Section 25 (1) (f) of the Finance Business Act. No. 42 of 2011 (FBA) due to the prevailing liquidity and management issues at CIFL.

The Managing Agent is expected to improve the financial status of CIFL within a reasonable period and the Central Bank will closely monitor the progress.

All members of the Board of CIFL are expected to extend their co-operation to the Managing Agent to resolve issues faced by the company, while they would be held responsible for the settlement of liabilities of depositors and other creditors prior to the appointment of the Managing Agent, a statement issued by the Central Bank said.