Magampura Port Management Company defaults USD 18.82 mn to private bank

15 September 2025 05:49 pm Views - {{hitsCtrl.values.hits}} 4 Bookmark

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By Ajith Siriwardana and Yohan Perera

Colombo, September 15 (Daily Mirror)- The Magampura Port Management Company has failed to settle US dollars 18.82 million (Rs. 6,836 million) out of the US dollar 24 million loan obtained from a private bank under a Corporate Guarantee of the Sri Lanka Ports Authority (SLPA), a Parliamentary Committee reveals.

The company had obtained the loan from a private bank in 2014 and had settled around USD 6 million as of December 2023 but is yet to settle the outstanding amount of USD 18.82 million, it was revealed during the meeting of the Committee on Public Enterprises (COPE) recently.

The bank concerned has filed legal action against both the Sri Lanka Ports Authority (SLPA) and the Port Management Company in 2019.

Also, it has been informed that an investigation is being carried out by the Bribery Commission.

The officials of the company have informed COPE that a process to wind up the company has been made in June 2022 and is being continued.

The COPE instructed the officials of the Magampura Port Management Company to settle the loan before it is wound up.

Comments - 4

Adwani Monday, 15 September 2025 09:13 PM

"The officials of the company have informed COPE that a process to wind up the company has been made in June 2022 and is being continued. The COPE instructed the officials of the Magampura Port Management Company to settle the loan before it is wound up" It seems that the COPE is not aware of the procedures of Recovery. The process of winding up of the Company is initiated in June 2022 and the winding up process is going on, but COPE is giving instructions to the officials of the Company to settle before winding up. The purpose of winding up process is to arrive at the settlement from whatever is received from winding up.

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Dilakshan Senevirathne Tuesday, 16 September 2025 12:54 AM

Was this company owners related to Rajapakshas probably. This is how they defrauded the government.

1 3

Kandaih Balendran Tuesday, 16 September 2025 01:47 AM

What is the bank?

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Ram P Tuesday, 16 September 2025 05:37 AM

Can someone highlight the names of the officials of this company please

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