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The Investor Sentiment - Equity and investments forum for Sri Lankans

The Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSEThe Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSE

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Latest topics

» CCS.N0000 ( Ceylon Cold Stores)
Depositors made destitute by the callous greed of failed finance companies EmptyWed Mar 20, 2024 11:31 am by Hawk Eye

» Sri Lanka plans to allow tourists from August, no mandatory quarantine
Depositors made destitute by the callous greed of failed finance companies EmptyWed Sep 13, 2023 12:16 pm by lauryfriese

» When Will It Be Safe To Invest In The Stock Market Again?
Depositors made destitute by the callous greed of failed finance companies EmptyWed Apr 19, 2023 6:41 am by කිත්සිරි ද සිල්වා

» Dividend Announcements
Depositors made destitute by the callous greed of failed finance companies EmptyWed Apr 12, 2023 5:41 pm by කිත්සිරි ද සිල්වා

» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
Depositors made destitute by the callous greed of failed finance companies EmptyThu Apr 06, 2023 3:18 pm by කිත්සිරි ද සිල්වා

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Depositors made destitute by the callous greed of failed finance companies EmptySun Apr 02, 2023 7:28 am by කිත්සිරි ද සිල්වා

» SEYB.N0000 (Seylan Bank PLC)
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» The Korean Way !
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» In the Meantime Within Our Shores!
Depositors made destitute by the callous greed of failed finance companies EmptyMon Mar 27, 2023 5:51 pm by කිත්සිරි ද සිල්වා

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» SRI LANKA TELECOM PLC (SLTL.N0000)
Depositors made destitute by the callous greed of failed finance companies EmptyMon Mar 20, 2023 5:18 pm by කිත්සිරි ද සිල්වා

» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
Depositors made destitute by the callous greed of failed finance companies EmptyMon Mar 20, 2023 5:10 pm by කිත්සිරි ද සිල්වා

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» COMB.N0000 (Commercial Bank of Ceylon PLC)
Depositors made destitute by the callous greed of failed finance companies EmptySun Mar 19, 2023 4:11 pm by කිත්සිරි ද සිල්වා

» REXP.N0000 (Richard Pieris Exports PLC)
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» RICH.N0000 (Richard Pieris and Company PLC)
Depositors made destitute by the callous greed of failed finance companies EmptySun Mar 19, 2023 3:53 pm by කිත්සිරි ද සිල්වා

» Do You Have Computer Vision Syndrome?
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» LAXAPANA BATTERIES PLC (LITE.N0000)
Depositors made destitute by the callous greed of failed finance companies EmptyThu Mar 16, 2023 11:23 am by කිත්සිරි ද සිල්වා

» What a Bank Run ?
Depositors made destitute by the callous greed of failed finance companies EmptyWed Mar 15, 2023 5:33 pm by කිත්සිරි ද සිල්වා

» 104 Technical trading experiments by HUNTER
Depositors made destitute by the callous greed of failed finance companies EmptyWed Mar 15, 2023 4:27 pm by katesmith1304

» GLAS.N0000 (Piramal Glass Ceylon PLC)
Depositors made destitute by the callous greed of failed finance companies EmptyWed Mar 15, 2023 7:45 am by කිත්සිරි ද සිල්වා

» Cboe Volatility Index
Depositors made destitute by the callous greed of failed finance companies EmptyTue Mar 14, 2023 5:32 pm by කිත්සිරි ද සිල්වා

» AHPL.N0000
Depositors made destitute by the callous greed of failed finance companies EmptySun Mar 12, 2023 4:46 pm by කිත්සිරි ද සිල්වා

» TJL.N0000 (Tee Jey Lanka PLC.)
Depositors made destitute by the callous greed of failed finance companies EmptySun Mar 12, 2023 4:43 pm by කිත්සිරි ද සිල්වා

» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
Depositors made destitute by the callous greed of failed finance companies EmptySun Mar 12, 2023 4:41 pm by කිත්සිරි ද සිල්වා

» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
Depositors made destitute by the callous greed of failed finance companies EmptyFri Mar 10, 2023 4:43 pm by yellow knife

» Bitcoin and Cryptocurrency
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» CSD.N0000 (Seylan Developments PLC)
Depositors made destitute by the callous greed of failed finance companies EmptyFri Mar 10, 2023 10:38 am by yellow knife

» PLC.N0000 (People's Leasing and Finance PLC)
Depositors made destitute by the callous greed of failed finance companies EmptyThu Mar 09, 2023 8:02 am by කිත්සිරි ද සිල්වා

» Bakery Products ?
Depositors made destitute by the callous greed of failed finance companies EmptyWed Mar 08, 2023 5:30 pm by කිත්සිරි ද සිල්වා

» NTB.N0000 (Nations Trust Bank PLC)
Depositors made destitute by the callous greed of failed finance companies EmptySun Mar 05, 2023 7:24 am by කිත්සිරි ද සිල්වා

» Going South
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» When Seagulls Follow the Trawler
Depositors made destitute by the callous greed of failed finance companies EmptyThu Mar 02, 2023 10:22 am by කිත්සිරි ද සිල්වා

» Re-activating
Depositors made destitute by the callous greed of failed finance companies EmptySat Feb 25, 2023 5:12 pm by කිත්සිරි ද සිල්වා

» අපි තමයි හොඳටම කරේ !
Depositors made destitute by the callous greed of failed finance companies EmptyTue Feb 14, 2023 3:54 pm by ruwan326

» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
Depositors made destitute by the callous greed of failed finance companies EmptyTue Jan 03, 2023 6:43 pm by ruwan326

» SAMP.N0000 (Sampath Bank PLC)
Depositors made destitute by the callous greed of failed finance companies EmptyWed Nov 30, 2022 8:24 am by කිත්සිරි ද සිල්වා

» APLA.N0000 (ACL Plastics PLC)
Depositors made destitute by the callous greed of failed finance companies EmptyFri Nov 18, 2022 7:49 am by කිත්සිරි ද සිල්වා

» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
Depositors made destitute by the callous greed of failed finance companies EmptyWed Nov 16, 2022 9:28 pm by කිත්සිරි ද සිල්වා

» Banks, Finance & Insurance Sector Chart
Depositors made destitute by the callous greed of failed finance companies EmptyTue Nov 15, 2022 5:26 pm by කිත්සිරි ද සිල්වා

» VPEL.N0000 (Vallibel Power Erathna PLC)
Depositors made destitute by the callous greed of failed finance companies EmptySun Nov 13, 2022 12:15 pm by කිත්සිරි ද සිල්වා

» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
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» WATA - Watawala
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» KFP.N0000(Keels Food Products PLC)
Depositors made destitute by the callous greed of failed finance companies EmptySat Nov 05, 2022 8:42 am by කිත්සිරි ද සිල්වා

» Capital Trust Broker in difficulty?
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» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
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» What Industry Would You Choose to Focus?
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» Should I Stick Around, or Should I Follow Others' Lead?
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» DV-2024 Program: Online Registration
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    Depositors made destitute by the callous greed of failed finance companies

    Sriranga
    Sriranga
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    Posts : 3226
    Join date : 2014-02-23
    Location : Colombo

    Depositors made destitute by the callous greed of failed finance companies Empty Depositors made destitute by the callous greed of failed finance companies

    Post by Sriranga Sun Feb 23, 2014 2:21 am

    By Namini Wijedasa

    Unconscious on her hospital bed in the Medical Intensive Care Unit (MICU) of a private hospital in Colombo, Marjorie David is oblivious to the predicament of her family.

    The 58-year-old had complained of difficulty in breathing and fainted while at work on February 17. Her brain was deprived of oxygen and she now lies motionless, a tube inserted into her mouth. She does not respond to voices and shows no sign of recovery. But the hospital bills are mounting and the family can’t pay because her savings are tied up in the failed Central Investments and Finance Ltd (CIFL)

    “The hospital called this morning and said we have to pay another installment,” said Neomie Nagarajah, Marjorie’s sister. “Her husband is on the way there to settle some money but he is also finding it very difficult. We are in a helpless situation.”

    Marjorie had collected some earnings—Rs 3.5 million—to meet just this kind of emergency. She was married with no children; she realised, more than anybody, the importance of financial independence in old age.

    Neomie doesn’t know who advised Marjorie to deposit her savings at CIFL but she remembers warning her sister once that the company had problems. “I had money at Ceylinco Investment and Realty Ltd and when they were experiencing a crisis, I told her that CIFL also seemed to be in trouble,” she recounted. “She said, ‘No, akka, I’m getting my interest, nothing is wrong’.”

    CIFL stopped meeting its interest payments in March-April 2013. Since then, depositors—who have formed themselves into an association—have been fighting to get their dues. Cases are also being heard in court but it is a long and torturous wait for the old and sick. Some depositors have already passed away before regaining their monies. Their families swear that the collapse of CIFL expedited their deaths.

    Neomie requested this newspaper to publish a photograph of her sister in the hope, however illogical, that it would cause the bankrupt CIFL to release her savings. “She was admitted to hospital on Monday,” she said. “By the next day, the bill was more than Rs. 112,000. We don’t know what to do.”

    Madu Wickramasuriya Peiris knows the burden of hospital bills all too well. In 2004, doctors discovered she had breast cancer and carried out a mastectomy. In 2009, she was diagnosed with womb cancer and they operated again. In December last year, she experienced an abnormal pain. Tests showed that she had ovarian cancer which had spread to her stomach.

    Since her doctor had retired from government service, Madu started consulting him in the private sector. “The injections alone cost Rs 52, 000,” she said. “With other medications, the bill comes around to Rs 90,000 a month.”

    Like many others, she is desperate to get her money—Rs. 2.5 million—out of CIFL. “We had a house in Torrington which we sold in order to fund my son’s education. My brother and I shared the proceeds. For a while, I got a good interest from CIFL. I was going to take the money out to spend on my son’s education, but all that has stopped now.”

    Madu’s brother is also in a precarious financial situation. Unlike Madu, who had deposited only some of her share, he had placed all of the money he got from the sale of the house with CIFL. “He lost his job and, since the house was sold, he moved into a rented house. His wife has no income and he has two children. They can’t afford the rent. I’m helping in their upkeep. I think it is the stress that made my illness worse.”

    These are just three out of many cases. The CIFL depositors continue to camp, day and night, at the company’s head office in Colombo, in the hope that President Mahinda Rajapaksa will grant them an audience.
    - Sunday Times

      Current date/time is Sun Jul 14, 2024 9:04 am