TFC to turn around in 3 months

Chairman of Lanka Puthra Development Bank (LDB) the Managing Agent of The Finance Company (TFC) Sarath De Silva assured that TFC will be turned around in three months.

He said "our first priority is to ensure that each and every depositor gets his interest on time. Then we will ensure that the capital will be paid on maturity."

What is required is a high measure of patience from the depositors until we put everything in order.

He said that TFC is not heading for insolvency, but at present they are experiencing a liquidity problem and this is only the symptom of a problem while the real problem is that the Ceylinco Group was suffering from the too big fail syndrome. After we were appointed as the managing agent by the Central Bank we have suspended all operations and the benefits enjoyed by the staff until we take stock while the powers of the board members have been stripped. In addition we have appointed a team of Key Executives to help us while the trade Union of TFC too pledged their support to turn around the company, said De Silva.

Succession plan

He said that based on the information gathered and revealed by the staff and depositors we have prepared a succession plan and we are confident that we can revive the company.

SG