People's Leasing appointed Managing Agents of CIFL

The Monetary Board has appointed People's Leasing & Finance PLC as the Managing Agent of Central Investments and Finance PLC (CIFL) from July 1,2013 under the provision of section 25 (1) (f) of the Finance Business Act. No. 42 of 2011(FBA) considering the prevailing liquidity and management issues of the CIFL.

The Managing Agent will be expected to improve the financial status of CIFL within a reasonable period of time, and Central Bank will closely monitor the progress,a Central Bank press release said.

In the meantime, all present members of the Board of CIFL would be expected to extend their full co-operation to the Managing Agent to resolve the current issues faced by the company, while they would also be held responsible for the settlement of liabilities of depositors and other creditors prior to the appointment of the Managing Agent, the release said.