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 Central Bank to issue Rs. 24 billion Treasury Bills on 9th
-- [6 hours ago]
China to build a hospital in Polonnaruwa for Sri Lanka's kidney patients
-- [7 hours ago]
Hundreds protest against using Sri Lanka's idling Mattala airport for paddy storage
-- [7 hours ago]
EU committed to support healthy democracy in Sri Lanka - EUEOM
-- [9 hours ago]
Sri Lankan national dies in Chennai police custody
Sri Lanka's Interblocks and Sweden's West International launch strategic partnership
Sri Lanka, UAE explore ways to strengthen trade and investment ties
Sri Lanka's President urges new cabinet ministers to work in unison
Sri Lanka's new cabinet ministers
Indian Tamil party leader to bring resolution against Sri Lanka's domestic probe

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.