News

Microfinance credit crisis, a reason behind rural women going to Middle East!

Published

1 year ago

February 13, 2024

editor

The Sectoral Oversight Committee focused on mitigating the impact of the economic crisis on the affected parties due to the micro-finance crisis in Sri Lanka.

Attention was drawn to the aid when the Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis met in Parliament recently (09) under the Chairmanship of MP – Gamini Waleboda.

Organizations in Sri Lanka representing people aggrieved by microfinance loans were called before this Committee. Accordingly, officials representing the Central Bank of Sri Lanka, Ministry of Finance, Economic Stabilization and National Policy, Department of Prosperity, Ministry of Women, Child Affairs and Social Empowerment, Department of Registrar of Companies were present at the Committee meeting held.

28,000,000 rural persons affected!

Addressing those present, Sri Lankan organizations representing persons aggrieved due to microfinance loans had pointed out that number of aggrieved rural civilians stand at 28,000,000, out of which 24,000,000 are women. It was also mentioned that these facts were identified in a survey conducted in 2018.

One reason for rural women going to Middle East

Furthermore, the representatives pointed out that even though these loans were given for a small amount, the rural persons were unable to pay them, but 38%, 48% interest was collected and because of this, the lives of the rural women had become completely miserable. They also pointed out that the microfinance credit crisis has also caused more rural women to join domestic work in Middle Eastern countries.
And it was disclosed that this crisis in the microfinance sector was created in the largest group that obtained loans from six Major non-banking financial companies under the supervision of the Central Bank, and these institutions have provided 80% of the total microfinance loans of 84,000 million i.e. 67,000 million rupees. It was disclosed that the property of those who obtained loans has already been acquired.

Bill doesn’t address concerns of aggrieved parties

Furthermore, the representatives of the aggrieved parties pointed out that the problems of the aggrieved parties have not been addressed in the proposed Bill and thus they have to face more problems.

The Chair of the Sectoral Oversight Committee pointed out that there is a need to undergo a complete review of the proposed Bill and accordingly, without inconveniencing the government, the Central Bank and the Ministry of Finance should jointly review the Act and amend the Act to provide solutions to the real problems of the victims and not to protect the six major financial companies. He further pointed out that if not the 30/40 hundred thousand microfinance customers in Sri Lanka will have to face problems. The Chair of the Sectoral Oversight Committee mentioned that the Parliament is waiting to be informed about this by the Sectoral Oversight Committee.

Dr.Sarath Weerasekera, Nimal Lanza, Mohomad Muzammil, Asanka Navaratne, Wasantha Yapabandara, Nimal Piyathissa, and Jayantha Samaraweera, were present in this committee.

News

02 arrested with over Rs. 5.7M on money laundering charges

Published

2 hours ago

April 15, 2025

editor

Two suspects have been arrested on charges of money laundering and aiding and abetting money laundering, along with Rs. 5,745,000 in cash found in their possession.

The arrests were made as part of the ongoing island-wide crime and drug prevention operation initiated under the directives of the Acting IGP.

The two individuals were taken into custody near Thunmodara Junction in the Kirulapone Police Division after being observed acting suspiciously in a three-wheeler during a search.

They were brought to the Kirulapone Police Station, where further investigations were launched, police said.

According to police, the suspects – aged 49 and 39 – are residents of Siddhartha Road, Kirulapone.

One of the individuals is the owner of a LP gas shop in the area. Preliminary investigations have uncovered possible links between him and illegal drug trafficking activities.

One suspect has been formally arrested for money laundering, while the other has been charged with aiding and abetting the offense, police added.

Kirulapone Police are continuing investigations to determine whether the seized funds originated from narcotics-related activities or from the suspect’s business operations.

(adaderana.lk)

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)

News

03 access routes for devotees attending ‘Sri Dalada Vandana’

Published

2 hours ago

April 15, 2025

editor

Three designated access routes have been announced for devotees attending the Sri Dalada Vandana (sacred pilgrimage) starting on the 18th.

The three entry routes to the Temple of the Sacred Tooth Relic are as follows:

1. The queuing path set up from D.S. Senanayake Street (Trincomalee Street side) up to the entrance of the Sri Dalada Maligawa.
2. The queuing path starting from the Red Bridge area (Rathu Bokkuwa), passing along Sangharaja Mawatha (around the Kandy Lake), leading to the main entrance of the temple.
3. Another queuing path also starting from the Red Bridge area, going around the Maligawa premises by the Kandy Lake, and reaching the temple’s main entrance.

Devotees can use any of these designated paths to visit the temple for the upcoming Dalada Vandana.

(News1st)

(Except for the headline, this story, originally published by News1st has not been edited by SLM staff)

News

Fmr. prison superintendent’s murder : suspected shooter arrested

Published

7 hours ago

April 15, 2025

editor

The suspect allegedly responsible for the recent shooting of the retired Superintendent of the Boossa Prison was arrested this morning (15) by officers of the Criminal Investigation Department (CID) while attempting to leave the country through the Bandaranaike International Airport (BIA), Katunayake.

The arrest was made at the departure terminal with the assistance of the “Face Recognition System” installed by the CID at the airport.

The suspect was reportedly apprehended while preparing to board SriLankan Airlines flight UL-404 to Bangkok, Thailand, using a forged passport.

The individual has been identified as Wijemuni Lalantha Prithiraj Kumara, 31, a resident of Kuleewatta, Ambalangoda.

He is reportedly the primary shooter and an associate of the organized criminal gang leader in the Southern Province known as “Karandeniya Sudda.”

The suspect was in possession of a fraudulent passport issued under the name Ekanayake Mudiyanselage Lakindu Sandeep Bandara.

He is also wanted by the police in connection with multiple murders and financial fraud cases in the Galle and Ambalangoda police divisions.

The arrest took place at approximately 7:50 a.m. today. He was later escorted out of the BIA premises by a team of officers, including the Officer-in-Charge of the Ambalangoda Police Headquarters, at around 10:00 a.m. today for further investigation.

(adaderana.lk)

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)