Lankapage Logo Recent Top Stories
Go Home Home Serving the Sri Lankan community globally since 2000
go to

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
Former Deputy Minister Sarana Gunawardena pleads guilty
-- [8 hours ago]
Sri Lanka Freedom Party hands over 2017 budget proposals to Finance Minister
-- [8 hours ago]
Sri Lanka's cabinet approves 5-year capital market strategy
-- [9 hours ago]
South Asia's first green university opens in Sri Lanka
-- [9 hours ago]
VAT Amendment Bill passed in Sri Lanka Parliament
Doing business getting easier in Sri Lanka in 2017
Sri Lankan government dedicated to strengthen the human rights of all - Speaker
Dr. Patrick Dixon, Europe's leading futurist to address Lankan CEOs
Vibrant media culture and media freedom thrive in Sri Lanka under this government, President says
Second post-mortem conducted on the exhumed body of Army intelligence officer who committed suicide

Copyright © 2000, 2012 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, 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, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.