Govt. rejects motion to reveal big loan defaulters

The Government yesterday rejected a private member’s motion, moved by UNP MP Ravi Karunanayake in Parliament, to publicise the names of those who had borrowed over Rs100 million from State banks and defaulted payment.

Justice Minister Rauff Hakeem said that the confidentiality rules governing banks does not allow such information to be made public.

MP Karunanayaka, who moved the motion, said if such names are made public, there would be a better chance to recover the loans.

He also disclosed that the People’s Bank alone had written off Rs 788 million in 2011 and another Rs 316 million in 2012 as bad debts while the Bank of Ceylon had written off Rs 11,400 million and Rs 12,600 million in 2011 and 2010 respectively as non-performing loans.

"The government is leaving out fraudulent billionaires but going after sprats. The Finance Ministry and the law of this country are both under the President and when you talk about loopholes in these areas you are branded as a betrayer," he added. (SI)

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