Probe interest charged by finance companies: Amaraweera

13 June 2020 02:25 pm - 21     - {{hitsCtrl.values.hits}}

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Power, Energy and Transport Minister Mahinda Amaraweera said he would urge President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa and the Cabinet to conduct a thorough assessment of the interest rates charged by Finance Companies and those employed to seize vehicles from defaulting customers.

While condemning the killing of Three-Wheeler Association Chairman Sunil Jayawardana on Wednesday after a clash that erupted between him and those employed by a finance company to seize a three-wheeler, he said the government must initiate a probe to know whether finance companies use underworld characters and criminals to seize vehicles taken on lease.

“We regularly receive complaints on excessive interest rates charged by finance companies and about those who seize vehicles in an unlawful manner. This must be stopped forthwith. The excessive interest rates and a further surcharge when installments are defaulted push customers into a debt trap,” the minister said.

He said the Central Bank must find a solution to this pressing problem and that disputes could not be resolved by killing a person.

He said he would urge the government to introduce a set of guidelines to be followed when seizing a vehicle and place a ceiling on the interest rates charged by finance companies and added that the killing of Mr. Jayawardana showed that finance companies had ignore the relief given by the government to three-wheeler operators and other vehicle owners who had leased out vehicles.  (Sandun A Jayasekera)

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  Comments - 21

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  • PROBE Saturday, 13 June 2020 10:33 AM

    "Probe interest charged by finance companies: Amaraweera" Amaraweera, probe if the existing laws are ENFORCED AND JUSTICE SERVED FIRST.

    roni Saturday, 13 June 2020 02:35 PM

    Hi Amare, how could you ask for a probe on interest rates, when you could not reduce the cost of fuel when world prices dipped and are so low still. Hence anything to do with a calculator is not your strong suite.

    gerard Saturday, 13 June 2020 03:02 PM

    what a hypocrite....these people pretend they do not know what is going on in these unlicensed finance places..only when something happens they jump to ask the president and pm to investigate..all these so called politicians live in a dream world....first get rid of this whole lot..and start afresh with new blood and decent people

    Lion Saturday, 13 June 2020 03:06 PM

    This is all bull shit these cronies know well any thing and every thing can be said in this country without having any responsibility of what they said.

    BuffaloaCitizen Saturday, 13 June 2020 03:41 PM

    The Central is a hive of utter corruption. Their is a saying, if you plant a Sinhalese you will harvest crime.

    nimtex Saturday, 13 June 2020 04:07 PM

    This country has become a JOKERS paradise..

    Ama yatagama Saturday, 13 June 2020 04:09 PM

    All bouncers, seizers etc. must be regulated and put into a licences system. Then companies should employ only licence holders.

    Anthony Saturday, 13 June 2020 04:15 PM

    Your hundred percent right gerard, hypocrite is too good of a term to use on them, we should get reed of all these dogs and rogues, these things happen today since there is no proper law and order because of these politicians.

    Sunil Saturday, 13 June 2020 04:18 PM

    It is well known for over 30 years that Finance companies seize vehicles using 3rd parties. They suddenly appear push you out of car and take the car and run away.

    Warren Raed Saturday, 13 June 2020 04:22 PM

    Personally, I know the kind of people who once seized my car by a prominent finance company in Colombo 2. They seemed thugs and from the cut marks and bruises on their faces and hands, it was clear that they were not from the regular society.

    para jasingam Saturday, 13 June 2020 05:06 PM

    These politicos are the owners of most of the finance companies in Sri Lanka, and they would sing to the fancies of both sided, which is beneficial to themselves Dont believe the politicians. They are cut throats

    Clau Eri Saturday, 13 June 2020 06:24 PM

    This murder happened front of the finance company. Maybe the company owner arranged people to do this murder. Morning had an argument and same place murder happened.

    Sen Saturday, 13 June 2020 06:24 PM

    Mr Amaraweera, your guysand als in RMV ,Werahara ,won't answer the phone,seems not because they are busy,but kept the phone out of cradle,I think ,they are expecting second visit from the President

    Ups Sunday, 14 June 2020 07:04 AM

    There service not up to the expecting standard or np standard at all, the day I visited,its totally mess,public had verbal duel with security,they too unawere what to do, then tried to contact them over the phone, they are not answering,START from the telephone desk, keep enough people who are aware the departmental procedure ,change incharge if not efficient enough handle thos important place, otherwise people will inform presodent' s office

    johan Saturday, 13 June 2020 06:45 PM

    Why you are going out of your subject.We want to know answer from you as power and Energy Minister, what about the concession you promised for March, April electricity bills,the officials are going house to house to disconnect service if not paid

    CITIZEN Saturday, 13 June 2020 10:58 PM

    MR MINISTER. PLEASE FOLLOW THIS SIMPLE SOLUTION. PUBLISH OR INFORM THRU CABINET BRIEFING THE INTEREST RATES APPLICABLE FOR THE FOLLOWING MONTH FOR THE INFORMATION OF THE PUBLIC. ALSO WARN THE PUBLIC OF BAD COMPANIES. DONT WAIT TILL SOMETHING SERIOUS HAPPENS

    TONY Saturday, 13 June 2020 11:00 PM

    NO NEED OF ANY PROBES. BAN LEASING BY PRIVATE PARTIES AND GET ONLY THE STATE BANKS TO OPERATE LEASING

    GHarry Saturday, 13 June 2020 11:15 PM

    Yes sir, you are quite right, eliminate the drug menace and the underworld third rated gang created by previous regime.

    Humid Sunday, 14 June 2020 07:12 AM

    Hello,we as whole country watching will you be able to fill T'nco oil tanks with cheap oil as you proudly announced ,if you couldn't ,people will consider you are only a puppet, and demand more efficient SLFP man for the minister post

    Dee Sunday, 14 June 2020 08:29 AM

    Why is everyone doing everything other than their own responsibility? Defence looks at health, health looks at elections, transport looks at finance...

    CITIZEN Sunday, 14 June 2020 03:05 PM

    MR MINISTER ALSO PROBE OIL SELLING PRICES


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