Appeal Court extends stay order restraining CIFL payment plan

The Court of Appeal on Friday extended a stay order, due to end on October 11, for another 14 days restraining the implementation of the payment plan of CIFL (Central Investment and Finance Ltd) and postponed further hearings in the case.

The case was filed by three members of the CIFL Depositors Association (CIFLDA) and earlier last week the aggrieved association held a meeting at the Colombo New Town Hall to collect the signatures of the membership to support the Appeal Court application.

The CIFL is facing a crisis of an inability to pay back depositors leading to the court action.

CIFLDA has formed two other branches in Galle and Kandy as there were large number of depositors in those areas and meetings were held and their signatures were also obtained to support the case.

At the meeting, Piyasena Weerasinghe, President, CIFLDA said that the Central Bank has inserted a full page newspaper advertisement explaining its position with regard to CIFL. He said that some of the contents of the advertisement were factually wrong.

He took strong offence to a statement mentioned in the advertisement that said that they have been accused as ‘assassins of the economy (Aarthhika Ghaathakayo)’ when in actual fact they were the supporters of the economy by investing their money.

He said that there is a particular Minister who uses this type of statements and the Central Bank has robbed that statement to accuse the CIFL depositors. He said that this Minister made the same accusation when the Rathupaswala people agitated for drinking water.

(QP)