Relief soon for F&G depositors

After a lapse of two years from the date of dissolving of the former Trust office, the Supreme Court finalised the constitution of the new Board of Directors for the two companies of Finance and Guarantee, F & G Real Estate Company Ltd (RECL) and Property Development Limited (PDL) with the approval of the Central Bank, a spokesman for the Independent Association of F & G Depositors said.

He said the new Board of Directors comprises C. Caldera, Upali Rajapakse, Mahinda Wijesuriya and Ashley Vilathgamuwa.

The Court also directed them to submit a report on March 30 to the Supreme Court for approval the matters to be cleared with Court intervention.

The new directors will have to work on the parameters of the Central Bank plan of action with justifiable amendments.

“There is also a proposal of an investor who is desirous of taking over the two companies if certain legal issues in the two companies are cleared. This proposal which is very much beneficial to the depositors will be discussed by the new board on a priority basis and a decision taken," the spokesman said.

"All in all the depositors and other aggrieved parties can look forward to an end to their long-felt grievances with the Supreme Court ruling,” he said.

The Board of Directors are empowered to control all assets and to work out a quick solution to ease the burden of depositors. The same directors have also been appointed to the subsidiary companies such as Fingara Town and Country Club (Pvt) Ltd, Fingara International Cricket academy, F & G Housing (Pvt) Ltd and F & G Management Services (Pvt) Ltd.