Troubled financial institutions Govt. should intervene on behalf of depositors: Union

By Yohan Perera   

Alleging that around six non-banking financial institutions  representing the private sector are at the verge of collapse, the Inter  Company Workers Union President Wasantha Samarasinghe yesterday urged the  government to intervene on behalf of the depositors and workers.   

Mr Samarasinghe told Daily Mirror that monitoring unit of  the Central Bank should intervene on behalf of the workers and  depositors and should not allow the closure of these institutions.   

He publicly alleged that there is also a move to close down  another institution which collapsed ten years ago and was restructured  with a new board of directors.   

“Both the UNP and SLPP governments have neglected this institution during their respective regimes. This has resulted in both depositors and workers facing a difficult situation,” he said. 

 
“One should not allow the collapse of financial  institutions as such a situation would have an adverse effect on the  economy,” he added.