Sri Lanka’s CIFL says accounts rejected by regulator

ECONOMYNEXT – Sri Lanka’s Central Investment and Finance (CIFL), a troubled finance company says the central bank has not approved its ‘draft audited accounts’ and it has started to ‘write up’ accounts for 2015/16 onwards,

The firm said in a stock exchange filing that the central bank has referred a foreign investor representative who had sought information for a due diligenece.

A company called Vandell Financial Services had offered to give a bank guarantee against a loa form the central bank, and the regulator had requested who the beneficiary.

The central bank had not approved its ‘draft audited financial statements’ submitted by the accounting firm KPMG, and were unable to get a ‘final version of the audited accounts.’

The board has started to ‘write up accounts for 2015/16 and onwards’ using international resources under his supervision, executive director Lakshman Rupasinghe said.

KPMG issued a disclaimed the March 2014 accounts, declining to given an opinion.

CIFL at the time was controlled by ASPIC Coporation, a company whose directors were said to be Roscoe Maloney, who founded Touchwood, a failed forestry investment company.

Touchwood was also audited by KPMG, until 2012. (Colombo/Feb15/2017)

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