7 June 2023 04:48 pm
Claiming that more than 400 properties of small and medium-scale industrialists have been seized under the Parate execution law within the first four months of 2023, Opposition Leader Sajith Premadasa urged the government to suspend the Parate execution law considering the economic situation in the country.
Speaking during the adjournment debate on issues faced by small and medium-scale industrialists, he told Parliament that small and medium-scale enterprises are facing a huge crisis today.
"The parate law, which has a history of 30 years, should be amended to suit the modern era," he said.
Premadasa also said leasing companies were illegally seizing vehicles with defaulted leasing installments and added that it was an obstacle to the SMEs.
"The industrialists should be provided with some relief," he said.
Chief Opposition Whip Lakshman Kiriella said the Central Bank could issue a circular to suspend the Parate law without amending the law which would take time.
"The Central Bank has issued such circulars in the past where parate law was suspended by the CB for six months to small and medium scale rice millers through a circular. If the government really wanted to protect the SMEs, they could do it," he said.
State Minister of Finance Shehan Semasinghe said the government was looking into the matter and added that it should be done in consultation with commercial banks along with the Central Bank.(Ajith Siriwardana and Yohan Perera)