NewsThe operating licence of troubled finance company Central Investments and Finance PLC (CIFL) has been cancelled with effect from Monday (March 3), the Central Bank (CB) announced today. The licence was cancelled in November 2017 but time given to the company to raise objections. The CB said the company has been facing severe financial problems over the last four years due to mismanagement and various fraudulent activities taken place in the company. “Depositors of the company have failed to withdraw their money over the last four years. All efforts made to revive the company through different strategies have been failed.

Source: Sunday Times March 05, 2018 11:51 UTC