TFC employees' union calls for naming of crisis-hit Finance Companies

By Hiran H.Senewiratne

The Finance Company Depositors Union (TFC) officials took issue with a present Deputy Governor of the Central Bank over a statement attributed to him that most Finance Companies operating in Sri Lanka are not financially stable.

"This CSBL Deputy Governor was quoted in the media as stating that out of the 42 licensed Finance Companies, 20 are in severe financial crisis. This statement conveys a negative image of the industry and should be corrected or the 20 companies should be named, The Finance Company PLC Employees' Union president Duminda Thilakaratne told a media briefing on Wednesday in Colombo. 

'The names of the 20 licensed Finance Companies in financial crisis should be revealed to the public, to enable them to be cautious when depositing money in such institutions, he said.     

'The Deputy Governor had also said that 94 percent  of the funds of TFC depositors can be repaid by closing down the company. This is also false and misleading, Thilakaratne added.

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