Today the drama of troubled F& G companies namely F&G RECL and F&G PDL reached a new milestone when Chairman Deshamanya Lalith Kotalawalea and Deputy Chairman Mr. Mervin Jayasinghe consented to the supreme court order and sanctioned the relief to the depositors of both companies.
As reveled in this web site earlier depositors were in dilemma with regards to the outcome of the share holders meeting which was scheduled on 2 nd November 2021 deciding their fate.
Supreme court assisted by central bank central bank formulated a proposal to settle the depositors with a Rs 500 million cash influx from a private sector investment and the investment agreement was signed with the investor on 30 th April 2021.
The process took an ugly turn when some of the share holders took a position to delay and default the settlement to depositors deliberately.
However the depositors can heave a sigh of relief when the Chairman and the deputy Chairman has approved their cause in writing well before the meeting and it’s expected that other share holders will toe the line at the meeting on 2 nd November.
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