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Depositors of F&G Property Developers call for appointment of capable administrator

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Ceylinco-owned F&G Property Developers following the collapse of Ceylinco Limited and Fingara Town and Country Club, was run by a committee on a directive of the Supreme Court subsequent to a fundamental rights case filed in the Supreme Court by. (Case No. SCFR 317/2009)

At a Press conference yesterday hosted by National Movement for the Protection of Consumer Rights (NMPCR) It was disclosed that F&G Property Developers was then up for sale in the Supreme Court.

“Investors expressed interest on several occasions but their proposals have not been successful,” said Chairman, NMPCR, Ranjith Vithanage.

Later an agreement was to be reached to appoint an investor for the companies. Its main condition was that ZRA Holdings and the investor promised to bring in Rs. 500 million to the company and the next plan was to pay the depositors Rs. 4 billion.”

“However the first condition which was to bring Rs. 500 million to the institution by ZRA Holdings failed. On several occasions they have changed the dates given to bring the money, citing various reasons.”

Two months after ZRA Holdings took control of the Fingara Town and Country Club, it sought permission to raise Rs. 500 million but due to objections from several quarters this was turned down.”

“We feel that the company is trying to take control of F&G Property Developers and sell the company’s property to raise money and we now need a new company to manage this property and pay the depositors.”

For years depositors of F & G Property Developers Limited and F & G Real Estate company have not received any returnees for their deposits. More than 3500 depositors have deposited money in the institution and some depositors today don’t even have money to pay for medicine.”

Similar fate also awaits nearly 100 employees of these companies.

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