Sri Lanka’s Central Bank allows foreign investors full control: CIFL

Sep 29, 2016 (LBO) – Sri Lanka’s troubled Central Investment and Finance Company says the Monetary Board has assured that investors would get 100 percent control once the proposed investment materializes.
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Clarifying a newspaper report, CIFL said that such intervention would be subject to other circumstances of the mechanism of proposed investment. The investors have already expressed their requirement of acquiring 100 percent ownership of the company. “We sought advice from the Central Bank by our letter dated 20 September,” CIFL said. “The CB has responded indicating that the Monetary Board is empowered under Finance Business Act to ensure that investors would get 100% control in the event of the proposed investment is materialized satisfactorily.” Central Investment and Finance Company earlier said they are awaiting a response from a prospective German investor indicating their future plan of action to revive CIFL. The company said they submitted all clarifications to the investor delegation who visited the island recently. A high level delegation from Vandell Financial Services arrived in Sri Lanka recently to discuss opportunities of investing in the troubled finance company.