The government will introduce new legislation to curb ‘the leasing mafia’ or the unlawful activities of the disorganised financial market, a minister said.
Cabinet Spokesman Minister Bandula Gunawardane told Daily Mirror that around 800 - 1,000 such financial institutions were in operation in the country.
The government has given mind to introduce fresh legislation after the murder of President of the Self Employed Three Wheeler Association Sunil Jayawardane by a group of individuals attached to a leasing company.
Mr. Jayawardane was assaulted to death when he visited a leasing company in the Mirihana area to inquire about a vehicle seized from a member of his association.
The Minister said the employment of persons with muscle power to seize vehicles and properties from defaulters of payment was unlawful.
“We have to amend the existing laws or introduce new ones to curb such strong-arm tactics in the disorganised financial market,” he said. (Kelum Bandara)