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 President to discuss actions on defaulted foreign investors
Sat, Jan 5, 2013, 12:10 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 05, Colombo: Sri Lanka Labor Minister Gamini Lokuge says he will meet the President next week to discuss the actions needed to be taken over the foreign investors who have defaulted loans obtained from state banks.

The government has initiated an international investigation regarding a number of heads of such foreign investments who have fled the country after defaulting on massive loans.

The 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 even paying compensation to the employees.

The banks have failed to recover their loans since the machinery and other assets of these factories are outdated and devalued.

Ten garment manufacturing factories have been closed in Biyagama, Nittambuwa and Katunayake investment zones causing losses of about Rs. 5 billion to the banks, says the Minister.

** Related Story :: Sri Lanka begins international probe on foreign investors defaulted on loans



ColomboPage - Recent 10 Stories
Sri Lanka CID investigates Rs. 40 million fraud at a commercial bank
-- [12 minutes ago]
Sri Lankan government to provide accessible facilities for voters with disabilities
-- [37 minutes ago]
Government to strengthen Sri Lanka's construction industry to provide quality service
-- [2 hours ago]
Sri Lanka to cut debt, increase foreign reserves - Finance Minister
-- [3 hours ago]
Sri Lanka inflation increases marginally to 0.2% in May 2015
-- [3 hours ago]
Sri Lanka, ADB sign USD 107 million loan agreement for rural road development
-- [4 hours ago]
Sri Lankan President appoints new ministers
-- [4 hours ago]
Japan grants Rs. 49 billion to develop infrastructure facilities at Sri Lanka's international airport
Indian Coast Guard arrests 5 Sri Lankan fishermen
Sri Lanka to establish a unit to probe corruption in highway projects

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.