The Committee of Management of the Deposit Protection Society of the Standard Credit Finance Co in response to a call by about 60 members of the Society met as pre-arranged at a conference hall in Bambalapitiya recently to discuss and find a way forward of recovering their long lost monies which they had been denied access to, for the past 8 years.
Lakshman Croos-Moraes a member from the Deposit Protection Society of the Standard Credit Finance Co told Daily News Business that some depositors have committed suicide due to dejection and some have have become bed ridden since they did not have money to obtain medicine.
They also expressed their regrets that although the current Chairman and Board of Directors of The Standard Credit Finance Co:, had been appointed by the Central Bank with the purpose of finding ways and means of repaying the depositors as it was a Central Bank registered company, they had done nothing tangible in this respect except to hold monthly Board Meetings, for which they were remunerated. Moreover they had allowed a number of employees including the Acting CEO who had been brought into the company, Deposit Protection...by the previous Board of Entrust Ltd, to remain within the ailing company drawing emoluments totaling over Rs 600,000 monthly occupying non-existent posts, while the depositors’ financial base of Rs 1.9 billion in shares and Rs 825 million in deposits remained within the company and was dwindling on a daily basis.
They were all of the view that these redundant employees must be replaced.They also expressed their displeasure at the remote control mode of management practiced by the current Chairman and Board of Directors, who could not be easily contacted by the depositors at the Head Office.
“We now only have faith in the President, Prime Minister and the Central Bank Governor and hope they would intervene in this matter.”They also cautioned, “Or else we too would have to take to the streets.” (SS)
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