Ownership
Central Investment & Finance Limited was established in 1966 by Mr Hinni Appuhami , Who was the founder of Malliban Biscuits & it was remained as a family owned company for about four decades. Subsequently, in the year 2004, 74.5% stake of the company was acquired by the Aspic Corporation limited which is a diversified Investment management company. At the time of Acquisition CIFL was with a deposit base of 30 million & an accumulated loss of 12 million. The reasons behind the acquisition of CIFL were to build a reputed financial arm for the Aspic Corporation & as an entry to the financing market of Sri Lanka. The ownership structure of CIFL comprised of 74.59% with Aspic corporation, 21.52% …show more content…
Mr K.A.L Rupasinghe Joined with CIFL as a Non –Executive Independent Director & the chairman of the audit committee on 27th of January 2014 & he was appointed for the position of chairman in October 2014.e is a member of Institute of charted accountants of Sri Lanka over 31 years & has post qualified experience in the senior management positions. He is also the sole proprietor of KAL Rupasinghe & company (Charted Accountants) & the managing partner of Risk management & control services (charted Accountants). Apart from that he serves as the chairman of the KALRUPCO Management Service (Pvt) Ltd, Director of Dev Marine (Pvt) Ltd & as the Management consultant for several companies. He got the international exposure for experience by serving as the CFO of aviation refueling company of Shell group & the Steel pipe manufacturing giant Al jazera …show more content…
In line with section 8(3) of the CBSL direction on Corporate Governance which requires the committee to assemble at least on a quarterly basis. From the date of initiation the Committee has met only twice and from May 2010 up until the date of the examination has failed to meet at least once. According to the Committee minutes the main objective of the meetings have been on enhancing the brand and corporate reputation and there was no evidence to support that the
Committee has given the Board any suggestions relating to managing CIFL’s total risk portfolio in a timely and appropriate manner
Audit committee
CIFL has formed an Audit Committee (AC) on October 2009 in line with section 9 (2) of the CBSL direction No 3 of 2008 on Corporate Governance. It is a requirement of this direction that the Committee must meet on regular basis to discuss related issues in order to make necessary recommendations to the Board. However, from the date of its initiation, the Committee has met only five times and from July 2010.
Observations – Human Resource management Issues
Issues were prevailed about the skills & the qualifications of the staff & inability to retain qualified staff. 130 & 95 resignations were noticed in the year 2010 & 2011