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The banks have failed to recover their loans since the machinery and other assets of these factories are outdated and devalued.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

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