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* 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.



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