To 75% of their investors:

Ceylinco Shriram settles 60% in cash

With the release of a further payment by Ceylinco Shriram, nearly 75% of their investors were paid over 60% of their deposits in cash, a communiqué from the company said. The communiqué divulged that the money was released to depositors in March 2012, in compliance with the payment plan submitted by the Board of Directors of Ceylinco Shriram to the Courts and its depositors.

The payment plan was prepared with the interest calculated up to March 2009 which was also included in the repayment.

The communiqué further said that several more assets owned by Ceylinco Shriram would be liquidated in the future and converted into liquid cash, which would then be utilized to pay the balance outstanding, in keeping with the promise made to the depositors that 60% of the deposit money would be settled within 42 months.

The same source further revealed that the payment plan was on course and that Ceylinco Shriram is confident of delivering the promised results.

Ceylinco Shriram was the first, and one among the few companies, to present a practical and a realistic payment plan that addressed the concerns of the depositors.

The Directors of Ceylinco Shriram, who were committed to seeing every depositor is settled, stood with the depositors, understanding their plight, which many felt was reflected in the payment plan presented.

Ceylinco Shriram had to face a situation beyond its control, and succumb to the domino effect of the collapse of Golden Key and other Ceylinco Group companies. Ceylinco Shriram continued to pay all depositors their dues until December 2008 even after many financial giants worldwide experienced difficult situations due to the changing dynamics of the industry by the beginning of that year. Even after the crisis the company always strove to maintain a productive dialogue with the depositors and took their views in preparing the payment plan.