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The banks have failed to recover their loans since the machinery and other assets of these factories are outdated and devalued.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
Budget debate kick starts in Sri Lanka parliament
-- [6 hours ago]
Sri Lanka government says it will follow due process if it wants to amend the Constitution
-- [7 hours ago]
Central committee of Sri Lanka coalition party JHU meets to discuss whether to support the budget
-- [8 hours ago]
German tourist went missing in Sri Lanka jungle found safe
-- [9 hours ago]
Indian fishermen seek BJP leader's help to get Sri Lanka to release their boats
Indian Tamil party leader accuses BJP government of openly aiding Sri Lanka
India issues stamp commemorating Sri Lankan Buddhist revivalist
INFOTEL ICT exhibition opens in Sri Lanka
Sri Lankan Navy Commander to leave for India tomorrow on an official visit
Sri Lanka's Northern Province CM's visit to India not yet decided

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.