Letter Central Bank and Licensed Finance Companies

There are many readers of the Sunday Times who give first preference and priority to the Business Times section because their main concern and purpose is to ascertain the outcome of their fixed deposits with the collapse of some finance companies. Dear Editor, your business pages are always alert and on the watch for very informative trade matters beneficial to the society at large. Most readers depend on this section to find out news about their plight. When the Golden Kay depositors and later CIFL depositors were doomed, the newspaper raised a huge cry, asking what the Central Bank (CB) was doing. They questioned whether the CB or the Governor was asleep as to allow such a debacle with their hard earned savings in charge of failed finance companies. The CB is the sole licensing authority of commercial banks and finance companies. These companies function under the monitoring, supervision and safeguard of the CB. As such all depositors place their utmost trust and confidence with the CB to open fixed deposit accounts with these licensed finance companies. Surely the collapse of the above mentioned two companies can be due to certain anomalies of administration on the part of CB. Ultimately an unsuspecting section of the people is compelled to suffer heavily. To date, the offenders of these broken institutions are scot free and unpunished. They should have been prosecuted for their crimes.

It is the fundamental duty of the CB authorities to issue forthwith the prospective measuresthey will be taking to alleviate the grievances of this doomed section of account holders. Such an immediate step will give consolation, hope and strength and will mitigate the shock and anxiety of these senior citizens involved who are ailing and suffering in their last and final period of their lives. Allow them at least to inhale in comfort. No ray of hope or silver lining is still visible.