Ceylinco Building Society depositors appeal to the President

Depositors of Ceylinco Builders Society Ltd, another firm of the failed Ceylinco Group, has sent a letter to the President urging him to initiate an inquiry and make necessary arrangements to repay their deposits as the company has defaulted their hard earned money.

The letter said that the Society had informed the depositors that the Merchant Bank of Sri Lanka will take over the management in 2009 after which the establishment was renamed Nation Building Society in 2011 and the shares were to be issued to depositors equivalent to their deposits.

In 2012 the company sent a letter to depositors stating that that they are waiting for the Central Bank approval to issue share certificates.

The letter said that in 2013 the company informed depositors that those who agree to invest their full deposits in shares will be paid interest together with 15 per cent bonus by Nation Lanka Finance Co and requested them to hand over the fixed deposit certificates and savings pass books.

Many depositors surrendered their savings pass books and fixed deposits to the company and they were promised issue shares from a company called NLH Holdings, the letter said.

NLH Holdings share certificates were issued only for fixed deposit holders in 2014 but savings deposit holders are yet to receive share certificates, it said.

Depositors say that they were misled by the company management pushing them into financial difficulties.