The spillover effect of the liquidity crisis in the Ceylinco group with the collapse of
TFC has called expressions of interest for potential investors to inject
The company in a market disclosure said its board on
TFC has not found any credible investor to revive the company which is incurring a loss of around
Having realised the difficulty in finding a suitable investor under the present political and economic situation in the country, depositors have demanded the government's intervention to repay their deposits or resurrect the company by infusing fresh capital.
Hundreds of disgruntled TFC depositors on Wednesday staged a protest in front of the Gangarama temple Seema Malaka in
Around 800 depositors, including women, raised placards and chanted slogans urging the Prime Minister (PM) who is also the Finance Minister to solve TFC liquidity crisis with
The presence of police personnel prevented the peaceful protestors from marching towards
Convener of the protest demonstration
He told the gathering of around 800 depositors that the pledge given by those officials to a group of depositors to settle their grievances as soon as possible after the discussions couple of weeks ago is still to be materialised.
The Monetary Board of the
The aim is to safeguard the interests of the depositors and other stakeholders of the company.
The regulatory measures included suspension of accepting new deposits, withdrawal of deposits and disbursement of loans and advances to facilitate the restructuring process of TFC.
The primary objective of the regulatory actions was to identify a potential investor for TFC within a reasonable time period. However, TFC has not been able to find an acceptable investor to date to revive the company, the bank said.
© Pakistan Press International, source