New lease for The Finance

To regain lost image:

Ramani Kangaraarachchi

The Finance Company PLC will be re-structured where all future decisions will be made in the best interest of the company. The Company’s new Chairman Preethi Jayawardena told Daily News Business The Finance will regain its lost image due to mismanagement during the recent past.

He hoped to strengthen internal audit controls and take strict disciplinary action against dishonesty. “I ensure that this company will be the best financial institute in the country by adding value to all its services and regaining investor confidence,” he said. Jayawardena said there are ample funds in the company after the recent share issue which was oversubscribed and there is no need to implement restrictions on repayment.

“In fact no one is interested in withdrawing their deposits after the Central Bank appointed the new Director Board,” he said.

The company’s asset base stands at Rs 26 billion which include 45,000 deposits.

The Chairman said the real estate sector in the country has tremendous potential and the company will focus on expansion plans without confining only to deposits.

“The SME sector is another area that will be looked at,” he said. The Finance is one of the oldest and stable finance companies mainly focused on the real estate market in the country.

Jayawardena said he accepted the challenge of the Central Bank because he was confident that he can deliver results beyond the expectation of the Central Bank.

The new Board has met once already and hoped to take all measures to ensure that the company will run as a successful finance company in the future, he said.