Dec 27, 2017

Bandula warns of a disturbed financial market (video) Featured

A statement issued on December 05 by the monetary board of the Central Bank has disturbed investors in the financial market, says MP Bandula Gunawardena.

The bank announced intentions to cancel the license of Central Finance and Investment, while Standard Credit Ltd. and City Finance Corp. are facing collapse, he says.

Speaking at a media briefing by the joint opposition’s economic research unit at Punchi Borella yesterday (26), he said around 12,000 depositors at these institutions were unable to withdraw their deposits.

No investor would be willing to come to Sri Lanka due to the prevailing financial crisis and due to such serious and contradictory statements, said Gunawardena.

The entire financial system has collapsed due to the opinion created that financial fraud had taken place during the previous regime, resulting in financial companies being sold to foreigners and cancellation of licenses, he said.

His request to the president

The MP asked the president to look into the crisis faced by the public, without focusing on the upcoming election.

He quoted from weekend English newspapers and said EAP company was going to sell its businesses to Malaysia, which he said were signs of the massive financial crisis that he has been speaking about for the past few weeks.

Statements made by top UNP figures in parliament following the budget presentation led to this situation, according to him.