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 private sector companies are facing closure due to financial issues - trade union
Thu, Jan 17, 2013, 10:22 am SL Time, ColomboPage News Desk, Sri Lanka.

Jan 17, Colombo: A private sector trade union in Sri Lanka says that private sector companies are facing closure due to financial issues leaving thousands of people unemployed.

The Inter Company Employees Union (ICEU) states that while several factories have closed down operations, the government has failed to address the issue.

ICEU Head, Wasantha Samarasinghe said that several factories established with Board of Investment (BoI) approval have closed down in the Gampaha District.

He said that Chrystal Sweater (Pvt) Company in Malwatta Investment Promotion Estate in Nittambuwa was closed down on January 2nd and Firefox Pvt Ltd in Pamunugama in Wattala was closed down on the same day.

According to Samarasinghe, thousands of employees have been stranded due to the closure of these factories.

Sri Lanka Labor Minister Gamini Lokuge has said that the government will take action against investors who have obtained massive loans from state banks to operate factories in export processing zones and closed their factories defaulting on their loans and leaving people unemployed.

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

According to Samarasinghe, owners of these establishments had to move their businesses to Bangladesh since Sri Lanka had lost the GSP Plus facility.

** Related Story :: Sri Lanka President to discuss actions on defaulted foreign investors

ColomboPage - Recent 10 Stories
Budget 2017 is a compromise - Finance Minister
-- [2 hours ago]
Avant Garde Chairman granted permission to travel abroad
-- [2 hours ago]
India not to object if Sri Lankan refugees in Tamil Nadu returning home voluntarily
-- [3 hours ago]
Sri Lanka Human Rights Commission calls for incorporation of Economic, Social and Cultural rights in new Constitution
-- [4 hours ago]
European parliament offers its expertise in drafting Sri Lanka's future policies and plans
-- [5 hours ago]
Sri Lanka Finance Minister presents Rs. 1.8 trillion Appropriation Bill for 2017
-- [6 hours ago]
UN Special Rapporteur recommends Sri Lanka to establish an Independent Commission on minorities with powers
-- [7 hours ago]
Court allows international arrest warrant for former Sri Lankan Ambassador to Russi
-- [7 hours ago]
Sri Lanka enlightens European Parliament on good governance measures taken to regain GSP+ concession
Trial begins for four men accused of smuggling 492 Sri Lankan Tamils into Canada

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.