Sri Lanka’s CIFL awaits response from German investor for bailout

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Sept 23, 2016 (LBO) – Sri Lanka’s troubled Central Investment and Finance Company says they are awaiting a response from a prospective German investor indicating their future plan of action to revive CIFL.

In a stock exchange filing, the company said they submitted all clarifications to the investor delegation who visited the island recently.

A high level delegation from Vandell Financial Services arrived in Sri Lanka last week to discuss opportunities of investing in the troubled finance company.

The delegation also met President and Finance Minister in addition to other fact finding missions to regulatory authorities.

“The investors have expressed their desire to acquire 100% of the ownership of the company,” the company said.

“We have now submitted all the clarifications to the Investor delegation and awaiting their response from them in the form of a MOU indicating the future plan of action setting the milestones in reaching the final objective of reviving CIFL and handing over the management to the new investors.”

The German investors would infuse 5 billion rupees to revive CIFL, according to the President of CIFL Depositors Association, media reports said.

The delegation has also shown interest in investing in the Northern and Eastern Provinces.