Lankapage Logo Recent Top Stories
CP 13 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka begins international probe on foreign investors defaulted on loans
Wed, Jan 2, 2013, 01:21 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 02, Colombo: Sri Lanka Minister of Labor Gamini Lokuge said the government had initiated an international investigation regarding a number of heads of foreign investments who had fled the country after defaulting on massive loans.

These investors have obtained massive loans from state banks like Bank of Ceylon and People's Bank for their businesses.

However, they have closed the factories they operated in the export processing zones without paying compensation to the employees.

Ten garment manufacturing factories have so far closed in Biyagama, Nittambuwa and Katunayake investment zones, says the Minister.

The foreigners who opened these factories have brought little foreign direct investment to the country and they have obtained massive loans locally submitting fake documents.

Minister Lokuge charged that some bank chiefs have not paid necessary attention when approving these loans.



ColomboPage - Recent 10 Stories
Sri Lanka’s President appoints Dr. Indrajith Coomaraswamy as Governor of Central Bank
-- [26 minutes ago]
Telangana government keen on building relationships with Sri Lanka
-- [35 minutes ago]
Tamil Nadu police arrest suspected middleman of refugee smuggling operation
-- [1 hour and 13 minutes ago]
Sri Lanka in touch with Bangladesh authorities regarding two nationals taken as hostages in Dhaka cafe
-- [2 hours ago]
Sri Lanka Navy arrests 24 local fishermen engaged in illegal fishing
Auditor General rejects allegations that he was intimidated by PM on report on Treasury bond issue
Sri Lanka Local Government elections in April 2017
Dengue eradication program cites 139 people for maintaining mosquito breeding grounds
Media Ministry denies issuing a statement on appointment of CB Governor
Sri Lankan President launches national program to develop 10,000 Green Smart Villages

Copyright © 2000, 2012 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.