Sajith calls for urgent halt of parate executions

Monday, 11 December 2023 03:48 - - {{hitsCtrl.values.hits}}

Says amidst challenges faced by SMEs parate laws are being employed to seize their properties
Claims however a privileged group that continues to evade settling their debts with banks
Asks Govt. to present a list of individuals who have defaulted on loans obtained from state banks

Opposition leader Sajith Premadasa over the weekend urged the Government to temporarily suspend the operation of the parate law in Sri Lanka for several months.

Addressing Parliament, Premadasa underscored the challenges faced by Small and Medium Scale Enterprises (SMEs) following the impacts of the Covid-19 pandemic, the Easter Sunday terror attacks and the country’s economic struggles.

Premadasa emphasised that over 50% of the country’s Gross Domestic Product (GDP) is contributed by Small, Micro and Medium Scale Enterprises. The opposition leader stated that while the parate law should continue, the opposition is only requesting a temporary suspension to allow SMEs to recover and rebuild.

He remarked that despite the numerous challenges faced by these enterprises, parate laws are being employed to seize their properties. “Simultaneously, there exists a privileged group that continues to evade settling their debts with financial institutions,” he said.

“There has been no impact on them. The Government remains unresponsive when questioned about these individuals,” Premadasa added.

While acknowledging the need to support banks for stabilisation, the opposition leader emphasised that the operation of parate laws should nonetheless be halted for a short period.

He further demanded that the Government present a list of private individuals and companies who have defaulted on significant loans obtained from the Bank of Ceylon and People’s Bank before the end of the parliamentary term.

Premadasa also expressed his opposition to the implementation of parate laws for micro, small, and medium-scale businessmen, emphasising the need to pay special attention to large-scale businessmen who have defaulted on loans.