LCBL meets depositors of troubled city finance for payment plan

Lanka Credit and Business Ltd (LCBL), the newest and the only finance company based in the southern region recently met with depositors of the troubled city finance at Public Library Hall in Colombo recently to announce their plan to repay the money in fixed deposits stuck for nearly three years.

Addressing the gathering of more than 800 depositors who were there to get the solution for their hard earned money, the management of LCBL assured that they would repay according to the plan they have negotiated with Central Bank.

The reached agreement with Central Bank of Sri Lanka is as follows: 10 percent of deposits and interest liabilities on or before May 31, 2018. 45 percent of deposits and interest liabilities on or before April 30, 2019. Balance 45 percent on or before April 30, 2020. Interest for the existing deposit liabilities will be paid at four percent per annum on monthly basis and obtain listing in the Colombo Stock Exchanges on or before March 31, 2020.

LCBL CEO/ General Manager/ Executive Director Kandegoda Gamage Leelananda, who pioneered the move of acquisition of the City Finance, assured the depositors gathered that they would stick to the plan negotiated with the Central Bank, and that they would never be fooled unlike other companies who earlier made proposals without any financial backing. Also, Leelalanda requested the depositors to be patient in this process that LCBL has to pay millions of rupees and would be paying continuously without arrears. As promised LCBT has already resumed the payment of the first portion and they have issued more than 600 cheques to depositors as at now.