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Sri Lankan Small Businesses Seek Breathing Room: Parate Law Suspension Talks Underway

A crucial meeting is set to take place tomorrow (21) at the Jasmine Hall, Bandaranaike Conference Hall, Colombo, between the Minister of Justice, Wijeyadasa Rajapakshe, Plantation Industries Minister Dr. Ramesh Pathirana, and Sri Lankan small businessmen. The discussion will focus on the temporary suspension of the seizure of property under Parate executions.

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The Sri Lankan business community has been grappling with serious challenges due to the Covid pandemic and the subsequent economic collapse in the country. Many have mortgaged or pledged their properties and assets to banks and financial institutions to sustain their businesses. However, with thousands of businessmen unable to repay their debts, banks and financial institutions are seizing properties under the Parate law.

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The meeting aims to provide some legal protection to the Sri Lankan business community, which is currently facing the threat of asset and property confiscation under the Parate Law. Measures such as the temporary suspension of the Parate law and an increase in VAT will be discussed to address the issues faced by them.

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Manjila
Manjila
5 months ago

Businesses borrow money front from banks. But that money belongs to general public. As such a recovery procedure must be in place to safeguard the banking systems.

Dias S.A.
Dias S.A.
5 months ago

Businesses borrow money front from banks to not only do business, but create wealth & produce essential to the public such as food, Hospitals , Schools , Roads, supply servicers Water Supply; Electricity and many more including Government Taxes to run the Society. They are the blood Steam in the Economy. Parate is an Exercise Virtually Killing them . Not Only the them the Society . Parate to be Stopped at Least for few years , if not the Economy will Collapse. Yes the money belongs to general public , Banks had taken Enormous Profits as Interest & Default Charges. So why not the Banks shares a part of their Enormous Profits to pay the innocent public , whom they have Exploited by giving only a Peanut from their Interest Earnings . ( Lending Rates are nearly (180%) double from what they pay to Depositors. GOVERNMENT SHOULD IMMEDIATELY SUSPEND PARATE RECOVERY at least for 3 years. As such a recovery procedure should not be allowed to safeguard the Economy & the General Public . LET THE SUPERIOR JUDICIARY SYSTEM DECIDE not the BANKS. Parliment need to amend the Law to suit , the Extraordinary Current Status .

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