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Loans at 7% for ailing industries

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4 weeks ago

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Secretary to the Ministry of Industries Shantha Weerasinghe said that the seven percent concessionary interest rate loans will be given from this week to those who are unable to maintain their industries and businesses due to various reasons including the Covid-19 pandemic.

He said that this loan scheme, which will be launched by the Ministry of Finance and the Ministry of Industries, is called ‘Re-Energise’.

The Secretary said that any small and medium-scale industry or business that has collapsed or is unable to be maintained will be encouraged to obtain the loan and restore their business.

The special feature of this loan scheme is that people who are blacklisted (CRIB) too could get the loans. Loans up to Rs. 5 million can be obtained under the scheme and settled in five years with a grace period of six months.

Loans will be given on personal guarantees up to Rs. 200,000 and a property collateral must be submitted for loans above that amount.

The final work on the loan scheme was completed last Wednesday and these loans will be provided through 10 State and private banks.

These loans can be applied for through the Regional Development Bank, People’s Bank, Bank of Ceylon, Sampath Bank, Seylan Bank, Commercial Bank, Cargills Bank, Sanasa Development Bank, Hatton National Bank and Nations Trust Bank.

Another aspect of this scheme is that loans up to Rs.15 million can be applied for investment purposes. For that too, the interest rate is seven percent and the repayment period is 10 years with a grace period of one year.

(sundayobserver.lk)

(This story, originally published by sundayobserver.lk has not been edited by SLM staff)

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Travel ban issued against Sena Yaddehige over alleged sexual abuse

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11 hours ago

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June 30, 2024

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The Kollupitiya Police have obtained a travel ban against Sena Yaddehige, Chairman of Richard Pieris Group, in connection with the alleged sexual abuse of a female business analyst from the company.

According to police sources, the victim, a 39-year-old resident of Colombo, lodged a complaint last month, claiming she was sexually abused by the Chairman on May 7 at a star-class hotel in Kollupitiya.

The complainant stated that she had been working remotely as a business analyst for the company for at least a month while the Chairman was overseas. 

On May 6, she was contacted by the company and informed that the Chairman had returned to Sri Lanka and wanted to meet her on May 7.

During the meeting at the specified location, the woman alleged that the Chairman sexually abused her. She subsequently reported the incident to the Kollupitiya Police, who then informed the Fort Magistrate.

Sources also mentioned that the Chairman left the country on the same day the incident occurred.

Source – dailymirror.lk

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CBSL imposes penalties on Sampath Bank & DFCC Bank

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4 days ago

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June 26, 2024

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The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka (CBSL) has imposed administrative penalties on two financial institutions from 01 January 2024 to 30 April 2024.

According to the CBSL, administrative penalties were imposed on DFCC Bank PLC and Sampath Bank PLC. 

The FIU collected penalties amounting to Rs. 3 million in total from 01 January to 30 April 2024 to enforce compliance on Financial Institutions, while the money collected as penalties was credited to the Consolidated Fund.

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No justification for coconut oil price hike – Coconut Development Authority

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2 weeks ago

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June 18, 2024

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The Coconut Development Authority has stated that there is no valid reason for a price increase of coconut oil in the local market.

CDA chairman – Prof. Roshan Perera has emphasized that there has been no tax hike on imported coconut oil.
Given the sufficient supply of coconut oil for domestic consumption, Prof. Perera asserted that any price increase is unjustifiable.

Additionally, a new regulatory program is being planned to control and stabilize coconut oil prices in the market, he added.

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