“I want to bring to your notice of the next Golden Key/The Finance Co./Asian Finance. The outfit I am referring to is the Industrial Finance Limited based at 30, Maitland Crescent, Colombo 7.

Industrial Finance is an old established company, previously owned and well operated by Tudawe Brothers. Recently, this has been bought over by another smooth-talking “Lalith Kotelawala” or “Sakvithi Ranasinghe” and have stopped paying interest to depositors since May 2009 nor will they allow you to withdraw your deposits.

My 85 year old mother in law has some deposits (her late husband’s provident fund payments) and the monthly interest is being used for her nursing care and medication. When it was owned by Tudawe Brothers, the interest payment will be in the Bank account on or before the last day of the month. However, since change of ownership payments for June and July are still outstanding. We have been talking to several officials including the Chairman on several occasions over the last three weeks but everytime they tell you a different story. In brief, no payment, no withdrawal.

What is also worrying is that most of the telephone numbers they give you to call are not in operation and even if you managed to get through on a number, the person at the other end cuts you off before you can speak to the Senior Official.

I urge you to please investigate this outfit and highlight the plight of the unfortunate customers.”

The situation has got worse since then. They have not paid any interest for the last 5 months and they will not allow you to withdraw your capital either. Whenever you call, you are transferred from person to another but all are evasive and everytime the answer is that the “money will be paid next week”. We are still waiting for that “elusive next week”. It is unfortunate that our Central Bank is incapable of doing a research on all these ‘shady’ characters who want to invest in this country and weeding them out. As a result more and more unfortunate Sri Lankans will lose their hard earned savings due to some unscrupulous vultures.

The above named both of us,(Mr. Jinendrasinghe Walpita and Deepika Jayalath Haputhanthiri) are the depositers of the IFL. (Our tel Nos. are 034-2262856(Residence) Mobile 071 8127636). The IFL failed to pay our interest from Last four months. At least they do not know how to calculate the interest. The Agents are always cheating us. My Agent is not facing us. His name is Chamila. One day my husand (Mr. J Walpita) teleohned him and asked about the interest. He replied as follows:

“Meka Harima Mala Wadayak Ne. Thamuseta Pulawan Widiyaka Gannawako OOi”

Last week I went to the office at Gregory’s raod and they did not allow me to meet the Chairman. One Mr. Sarath Dias explained the situation and he discuused with me very kindly . After that he allow me to meet the Chairman and I explained to him the difficulties faced by us. He promised me to pay one month’s interest on 3rd November. On 4th November they paid only one month interest and the calculation of the interest is wrong.
We are awaiting for our withdrawals . Still they are unable to pay our withdrawals. They issued a letter to my husband and they promised to release the money on July 2009 and however, still we are awaiting for our withdrawals.

(I can submit you the documents relating to prove my reply at any time)

My Agent extended our account from one year without our knowledge. Do you know
I am a Public Servant. and My husband is working in the Coconut Cultivation Board as a Coconut Development Officer at the Kalutara Regional Office, Nagoda, Kalutara. The total amount of our account is 01.3 Rs.Mn. My yonger son is studying at Institute of Asia Pacific Computer Technology(APIIT), at Colombo 2. Last term I requested the extension for (four months – a term) him because I faced financial problems. Now you can understand the situation of IFL depositers.

All depositers who came to IFL Office are middle class people. The agents are not facing them.

If, you want any details in this regard please contact me or my husband over the above mentioned telephone numbers.

One again I thank you to publish the article re. the IFL.

Deepika.