ANGRY ETI PROTESTORS SURROUND CMC LOOKING FOR ETI DIRECTOR

A tense situation erupted yesterday at the Colombo Municipal Council premises, when depositors of the ETI Finance Limited (ETI) who were demanding their deposits back, gathered to show their displeasure to CMC Councillor Anjalee Deepa Edirisinghe, who is also a Director of the ETI Company.

The Central Bank accepted the fact that the ETI had disregarded their regulations. Yet, they have failed to take adequate legal action over their responsibility. Therefore we will seek legal support soon

Speaking to the Daily Mirror, the President of the Independent Association to Protect the ETI Depositors Anusha Jayanthi said the Councillor was a member of the CMC Standing Committee on Poverty Alleviation, yet justice was not served to the depositors.

She said the ETI management paid them 20 per cent of their deposits and promised to pay another ten per cent, but remained silent over repaying of the remaining 70 per cent of their deposits.

The protestors claimed that ETI Directress Deepa Edirisinghe was continuously absent for meetings among the Directors of the Company and the depositors, and was avoiding them.

They said that the meeting to restructure the ETI Finance which was scheduled for today, was postponed at the last minute, as the Directress was attending the CMC monthly council meeting.

Informed sources told that the Directress had fled the scene after the crowd entered the CMC grounds.

Police security was provided to the CMC during the protest.

ETI Finance Ltd., through its Counsel on August 31st, informed the Colombo Commercial High Court, that a proposal prepared by the company to repay depositors’ money was handed over to the Central Bank.

However, the protestors claimed that they were not involved as a party to the lawsuit filed, and therefore will not agree to any solution provided without consulting them.

“The Central Bank accepted the fact that the ETI had disregarded their regulations. Yet, they have failed to take adequate legal action over their responsibility. Therefore we will seek legal support soon,” Mrs Jayanthi said.

Meanwhile, during the case filed by the ETI Group, the depositors had sought court’s permission to intervene in the lawsuit and Commercial High Court Judge Ruwan Fernando fixed the case for November 1, directing the Central Bank to file objections if required.