Friday, September 30, 2011

CICL to hand over land transfer deeds

By Channa Fernandopulle

Ceylinco Investment Cooperation Ltd (CICL), a fully owned subsidiary of Nation Lanka Finance PLC (NLF), announced that it will be handing over more than 300 land transfer deeds which had been purchased prior to the Ceylinco crisis.

The announcement was made during a special ceremony on October 5, at the Wayamba Provincial Council Auditorium in Kurunegala under the patronage of Central Bank Governor Ajith Nivard Cabraal.

Four hundred and twenty deeds in total had been paid for in full, but due to financial and legal problems caused by the collapse of the Ceylinco group, which CICL was previously a part of; the deeds were never handed over.

According to Nalin Jayetileke, Director CICL, issues regarding the registration of remaining 120 deeds will mean a delay of approximately another two weeks before the remainder too will be handed over.

Additionally, it was announced that 52 investors who had invested a sum below
Rs.100,000 would also be given investment certificates at the ceremony.

Explaining the rationale behind this decision,  Jayetileke said: “Most of these investors come from the middle-lower income group. They had put in their EPF money to these investments. The board of directors therefore decided to settle the dues of the 52 people on the same day.”

CICL received funds to release 914 plots of mortgaged land, through a loan facility of Rs 109 million from Asanga Seneviratne, Director, NLF

Jayetileke stated that as soon as payment on the land in question, which had been proceeding along easy payment terms was completed, the company would hand over deeds to those plots of land as well.
Nation Lanka AGM today

NLF will hold its 24th Annual General Meeting today, at the Auditorium of the Institute of Chartered Accountants.

The company, which has undergone a restructuring process after it was acquired by investor Access Equities Pvt Ltd, a company headed by Asanga Seneviratne, has performed well this year largely due to profit after tax of Rs 59million being recorded by its subsidiary, Nation Lanka Equities (Pvt) Ltd, formerly Ceylinco Stock Brokering.

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