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* 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.

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