Legal action awaits loan defaulters

Sandasen Marasinghe and Irangika Range

Finance and Planning Deputy Minister Dr. Sarath Amunugama yesterday stated that legal action will be taken on institutions that defaulted loans taken from the Lankaputhra Bank to uplift the garment industries. The minister stated that Rs. 2,000 million has been granted by the Lankaputhra Bank as loans for this purpose in line with a budget proposal in 2007.
However, a large amount of this loan has to be settled. He added that the bank management has not acted responsibility when such a large amount of money was granted as loans. He was responding to a question raised by UNP MP Dayasiri Jayasekara.