Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
Sri Lanka Equity Forum

Discussion Forum for Stock Market Investors in Sri Lanka

සිංහල පරිවර්තනය
Submit Post
Submit Post

Latest topics

» News Behind CTCE.N0000 Running?
by crs Today at 6:08 pm

» රැවටෙන්න එපා ..විකුන්නන එපා ..ණයට ගන්න එපා .BFN - JINS එකතු කරන්නා හෙට දිනනනවා
by prabath Today at 4:43 pm

» JINS - BFN DELAS 100% SURE මතකද . ජනශක්ති GENERAL සමාගම වික්ක හැටි - එක පාරටම
by kalu351 Today at 2:45 pm

» BFN ගනු දෙනුව වෙනවා ..
by kalu351 Today at 2:34 pm

» SRI LANKA @ 2020
by ruwan326 Today at 9:36 am

» Financial Reports Q-3 2018
by ruwan326 Today at 9:26 am

» ##FUN TOONS###
by ruwan326 Today at 9:14 am

» CROSSINGS TODAY
by ruwan326 Today at 9:08 am

» Daily Foreign Transactions
by ruwan326 Today at 9:02 am

» NDB declared ‘Bank of the Year’ by The Banker, UK
by ruwan326 Today at 8:41 am

» NDB wins Banking Sector National Business Excellence Award 2018
by MarketWch Yesterday at 5:33 pm

» Market will RISE expecting a MR Led new government
by samaritan Yesterday at 1:52 pm

» CSE THIS WEEK
by ruwan326 Yesterday at 11:37 am

» Summary of Key Announcements during the week
by ruwan326 Yesterday at 11:25 am

» No worries about BFN Deal .i
by ruwan326 Yesterday at 11:21 am

» CSE WEEKLY
by ruwan326 Yesterday at 11:13 am

» FOREIGN NEWS
by ruwan326 Yesterday at 11:10 am

» Dealing by directors
by ruwan326 Yesterday at 10:55 am

» ALHP WILL MOVE UP from next MONDAY
by aklt Yesterday at 10:47 am

» ඔරියන්ට් ෆ්යිනැන්ස් -විකිනීම ස්තිරයි - අද ද අයිලන්ඩ් පුවත් පත බලන්න 2020 වෙනකම් පුලුවන් නම් තියා ගන්න - අදහා ගන්න බැරි ආදායමක් ලබන්න
by ruwan326 Yesterday at 10:33 am

» @RANFERDI, YAhapalan, In which list are you? Puravesi Lithro List, or Kiriella List or other list
by ranferdi Yesterday at 9:06 am

» #PM Crisis#
by ranferdi Yesterday at 9:05 am

» Stocks don’t go up and stay up because of stories, tips, or people’s opinions
by ruwan326 Yesterday at 9:00 am

» FINANCIAL INSTITUTIONS IMPAIRMENT COST
by Yahapalanaya Sat Dec 08, 2018 11:10 pm

» MONTH PEACE & HAPPINESS
by Ryan Hudson Sat Dec 08, 2018 6:40 pm

» JINS NO DEAL YET - BFN IS ON AND POSITIVE -CHECK THE COMPNAY ANNOUNCEMENT CAREFULLY - NO NOTHING ABOUT BFN
by kalu351 Fri Dec 07, 2018 10:03 pm

» Will ALHP be eliminated from the CSE?
by wisdom79 Fri Dec 07, 2018 8:41 pm

» Is TKYO.N0000 a Sleeping Giant
by aklt Fri Dec 07, 2018 7:52 pm

» FINALY – BFN – TAKE OVER NEWS IS OUT OFFICIALY -DONT SELL BELOW 20 TRY TO BUY AT CURRENT 15-17 LEVELS
by Equity Suda Fri Dec 07, 2018 12:57 pm

» PLAYERS PICK OF THE DAY
by ruwan326 Fri Dec 07, 2018 7:39 am

You are not connected. Please login or register

Sri Lanka Equity Forum » Stock Market Talk » SFS,,,What happened???

SFS,,,What happened???

Go down  Message [Page 1 of 1]

1 SFS,,,What happened??? on Wed Feb 07, 2018 11:01 am

rasikagamage


Senior Equity Analytic
Senior Equity Analytic
Sad Shocked Shocked Shocked Shocked Shocked

2 Re: SFS,,,What happened??? on Wed Feb 07, 2018 7:52 pm

crs

avatar
Equity Analytic
Equity Analytic


By Charumini de Silva

The Central Bank of Sri Lanka has sought information from the Suspicious Transaction Reporting Office (STRO) - Singapore’s Financial Intelligence Unit (FIU) - over the credibility of the Malaysian bidder for several assets of the EAP Group’s ETI subsidiaries.

Despite the concerns that have been raised within local business circles over the credibility of the Malaysian businessman negotiating on behalf of a Singaporean company to buy EAP Group businesses, the Central Bank seems to have found no records of this potential investor’s involvement in any financial crimes, the Daily FT learns.

“Singapore-based Straits Grid Pte. Ltd. has made an offer for $ 75 million to buy nine subsidiaries and properties belonging to ETI Finance Ltd. (ETIF). From the credentials provided to the Central Bank thus far there is no information that this investor is involved in money laundering or terrorist activities,” a senior official of the Central Bank told the Daily FT on condition of anonymity.

Nevertheless, concerns are being raised over Malaysian businessman Sudhir Jayaram due to a host of matters including alleged criminal acts such as money laundering, with him being nabbed at the Bandaranaike International Airport (BIA) prior to his departure with $ 50,000 in undeclared currency in November last year. His son and another individual also had $ 50,000 each in their possession while the fourth individual carried $ 58,000. Thanks to political influence, Jayaram was released without suffering any penalty. Some sources say the authorities have launched a full-scale probe into the incident. 

Jayaram is also part of a consortium which includes SupremeSAT-fame R.M. Manivannan, engaged in the $ 250 million Horton Square mixed development project in Colombo 7, which the Cabinet Committee on Economic Management (CCEM), chaired by the Prime Minister, has raised various questions over. He was also named in the United Nations investigation into the famous Iraqi oil-for-food scandal in late 2000. The Central Bank has been in the know of the bid by Jayaram and the questionable credentials of his consortium.  

In spite of these concerns, representatives of the beleaguered ETIF yesterday met once again with the officials of the Central Bank to further discuss the potential investor. 

“The Central Bank has found no financial crime records against the Malaysian investor to take over the assets of the ETIF. However, the Central Bank has now requested further information from the FIU of Singapore,” he added.

Sources said there had been several rounds of negotiations on the deal prior to the ETI and other finance company Swarnamahal Financial Services Plc (SFSP) which were brought under the Central Bank’s purview on 3 January.

Upon receiving STRO’s response, the Central Bank will be in a position to submit a paper to the Monetary Board on the way forward with ETIF.

Concerns include whether the Central Bank will allow a party with alleged questionable character to run a deposit-taking finance company i.e. Swarnamahal Financial Services. Doubts are also being raised over whether the Telecommunications Regulatory Commission (TRC) will issue a ‘no objection’ letter to change the name of the owner of the frequency leased to Swarnavahini of the EAP Group. 

This is in the event Jayaram and his partners succeed in manoeuvring the EAP deal in their favour using political clout.

With a view to safeguard the interests of depositors and ensure the stability of the financial system, the Central Bank appointed a new management panel on 3 January to oversee the troubled ETIF and listed SFSP. Since then the two companies have performed to a satisfactory level, but the inflow through deposits has seen a decline, while loan recoveries and return on investments (ROIs) are continuing as usual, sources said. 

3 Re: SFS,,,What happened??? on Thu Feb 08, 2018 10:10 am

EquityChamp

avatar
Moderator
Speculation is driving this stock and can reach 2/- without any volume barrier. Only advisable for trading purposes.

4 Re: SFS,,,What happened??? on Thu Feb 08, 2018 11:33 am

rasikagamage


Senior Equity Analytic
Senior Equity Analytic
Why they not release price band??? Shocked Shocked Shocked Shocked

5 Re: SFS,,,What happened??? on Thu Feb 08, 2018 11:48 am

sureshot

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@rasikagamage wrote:Why they not release price band??? Shocked Shocked Shocked Shocked

waiting for Alosiyas to ring the bell......

6 Re: SFS,,,What happened??? on Thu Feb 08, 2018 12:50 pm

rasikagamage


Senior Equity Analytic
Senior Equity Analytic
He may ring the bell tomorrow,,,, Smile Smile

7 Re: SFS,,,What happened??? on Thu Feb 08, 2018 1:20 pm

rasikagamage


Senior Equity Analytic
Senior Equity Analytic
SFS JUMPED LIKE WHAT??? Shocked Shocked Shocked Shocked Shocked Shocked

8 Re: SFS,,,What happened??? on Mon Feb 12, 2018 11:05 am

Miss-Sangeetha

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
SFS, All the delusion has gone and reality is on the way

9 Re: SFS,,,What happened??? on Sun Apr 08, 2018 1:13 pm

Miss-Sangeetha

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Sri Lanka’s Central Bank (CB) is closely monitoring the deal between the EAP Group and a Singapore investment fund company to sell its subsidiaries of the group and rescue a struggling finance company, CB Governor Indrajit Coomaraswamy said in Colombo on Wednesday.

The Singapore investment is meant to resuscitate the ailing Edirisinghe Trust Investment Finance Ltd (ETIFL). But he noted that potential capital infusion would not completely resurrect the ailing company.

Sources 

 http://www.sundaytimes.lk/180408/business-times/central-bank-closely-monitors-eap-group-deal-288539.html

Please note that earlier also Sunday Times Business column reported about TWOD, ALHP deal story that sent those two shares to sky and subsequently downloaded huge amount of shares at high price by reputed broker Firm on penny investors heads 

10 Re: SFS,,,What happened??? on Mon Apr 09, 2018 7:21 am

EquityChamp

avatar
Moderator
SFS is too impacted by the over speculation. However the chances are very low for an investor to pump money as it requires huge new capital first to meet the working capital requirements and then second to meet with new CB requirements by finance companies. Even if all these are made then there is a huge risk on restoring customer confidence. How many of the existing customers would like to renew their deposits? Who will plan to make new deposits with such a troubled company.

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum