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 Tamil party ready to talk with the government
-- [5 hours ago]
Weapons belonged to Sri Lanka's Tamil Tiger terrorists unearthed in Indian forest reserve
-- [6 hours ago]
Avis announces new partnership agreement with SriLankan Airlines
-- [6 hours ago]
Tough action against Sri Lankan rice traders hiding rice stocks
-- [8 hours ago]
Sri Lanka to issue a stamp to honor Mahela Jayawardene
-- [9 hours ago]
Sri Lanka Tourism welcomes one millionth tourist
-- [9 hours ago]
Sri Lanka declares national Dengue Prevention Week from September 10
Norochcholai coal power plant will resume power generation today, Sri Lanka power authority says
Sri Lanka's Senkadagala Finance acquires Newest Capital in consolidation move
Sri Lankan government appeals to supplementary health workers to return to work

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.