Cabinet nod to suspend ’Parate execution’

26 February 2024 08:03 pm Views - {{hitsCtrl.values.hits}} 12 Bookmark

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Colombo, Feb. 26 (Daily Mirror)- The Cabinet has decided to suspend 'Parate executions' till December 15, 2024, Justice Minister Wijeyadasa Rajapaksha said.

The decision was taken following a request by Justice Minister Wijeyadasa Rajapaksha and Minister of Industries Ramesh Pathirana.

Comments - 12

Ram Monday, 26 February 2024 08:28 PM

We saw Peoples Bank wiping off as bad debts 50 plus Billion. Now Prate execution to be suspended, we are asked to pay taxes

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Ammapa Monday, 26 February 2024 08:50 PM

To win elections. Now where are those economists who blamed politicians for changing policies to suit their needs

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Tissa Fernando Monday, 26 February 2024 09:44 PM

Basically, the justice minister is helping Nawaloka mudalali to prevent sale of Nawaloka hospital by HNB to recover Rs 630 M Loan. Nawaloka was mismanaged and money might have been swindled by the owners. Remember that the top guy here went to see cricket matches with a true drama stars.

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Gayan Monday, 26 February 2024 10:42 PM

Banks give loans from depositors funds. If bad loans are not recovered through liquidation of the mortgage, it will impact the deposits.

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Neil Monday, 26 February 2024 11:52 PM

Thank you Sajith and the SjB for bringing this up despite govt member opposition until the election times and getting some sort of relief to the SME and the dependent employee s and their families

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Nirmala Karunaratna Tuesday, 27 February 2024 04:45 PM

We must thank to SME President Mrs.Tanya Abesundara

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Concerned Citizen Tuesday, 27 February 2024 05:58 AM

Some of these SMEs and Pettah traders are the biggest tax defaulters in the country. Government must ensure that they pay all taxes in line with their turnover before granting ANY benefits !

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Terrence K Tuesday, 27 February 2024 07:01 AM

The legislators have made a monumental blunder by suspending the Parate Execution Law for a period upto 15th December 2024. This will result with new SME customers finding it extremely difficult to obtain facilities unless there is strong collateral offered and also the facilities that have been operated will show a high default rate as wilful defaulters will have no motive to repay the facilities. Whilst the Banks and SME organisations will have to file Court Action for recovery which takes a protracted period of time since there are a backlog of cases pending. Also the government should understand the portfolio of SME advances will never increase if there is stagnation by way of non repayment and pending court cases as recoveries will come to a standstill and these SME units will have to obtain fresh funding to cater to any new customers. Always the government has never given ear to organisations advice ie. the Sri Lanka Banks Association and it will be total disaster!!!!!!!!!

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Sambo Tuesday, 27 February 2024 07:46 AM

You people are experimenting with policies of the government. No wonder after 76 years if we look back we are worse that then.

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Neville Fernando Tuesday, 27 February 2024 08:11 AM

This is temporary only, because of upcoming elections. Once the elections are over they will cease debtors personnel assets as well. Zombia will do anything if he wins elections..however can't deceive people like earlier..People will do right thing at right time.

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Terrence K Tuesday, 27 February 2024 08:52 AM

In continuation of my previous mail it seems the legislators are playing a big role to have suspended the Parate Execution Law which has not happened in the past. The Sri Lanka Banks Association should obtain a list from all banks and SME units the defaulters and whether among this list our legislators are highlighted and their quasi associates. With an election year to be held is it that monies that have to be given to Banks/SME as settlement under Parate will be channeled for election purposes of their lackeys contesting elections. It is very fishy in an election year this directive is given it is like robbing Banks/SME units of customer funds!!!!!!!

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Liberal One Tuesday, 27 February 2024 09:44 AM

Now banks have to pass this burden down to account holders and the government. Government has to pass that burden down to tax payer.

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