Empower your business in Sri Lanka and internationally with Prifinance expert corporate and financial services. Streamline company formation and investment opportunities with our tailored advice and solutions.

Sri Lanka state textile firm to be revived

April 03, 2009 (LBO) - Lanka Salusala, a partly operational Sri Lankan state textile firm which is overstaffed and debt ridden, is to be closed down and re-started as a new business entity. Textile development minister Mahinda Rathnathilaka said the firm will be revived as there are many legal issues relating to its liquidation.

"We are looking to register it soon as a fully state-owned textile company," he said.


Salusala has 298 workers and they have not been paid for the last three months.

More than 90 percent of staff have agreed to accept a voluntary retirement scheme (VRS).


Rathnathilaka said Salusala hopes to raise funds for the VRS by selling its 22 perch property on prime property in the Colombo 3 ward of the capital.
buy fildena online buy fildena online no prescription

Salusala officials are in talks with the foreign employment bureau to sell it the property.

"We need 6.2 million rupees monthly to pay salaries and other emoluments. As the firm is not functioning properly we are unable to pay their salaries on time," Rathnathilaka said.

The government treasury has agreed to release 20 million rupees which will allow Salusala to pay the three month overdue salaries before the traditional new year ho

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
Top
0
Would love your thoughts, please comment.x
()
x