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Banks shouldn’t be like ‘Shylocks’

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Financial institutions should adopt lenient approach obtaining dues from customers
Business
Dudley Sirisena with rice millers in Colombo. Picture by Sumanachandra Ariyawansa

Sri Lanka banks, leasing companies and pawning centers should adopt a lenient approach when trying to take back their dues from customers, said diversified entrepreneur and Chairman Araliya Holdings Dudley Sirisena.

He said that today these segments are like ‘Shylocks’ trying to get back their dues at any cost irrespective of the grave financial situation their borrowers and customers face, which had even led to many suicides. “Also they are not taking into account Sri Lanka’s worsening economic crisis.”

He said that he started business 40 years ago investing Rs. 75,000 buying merchandise from Thailand and selling in Sri Lanka.

“Up to now I must say that I have made 90% profit from all my business and I too now feel that I should give back some of my profits to society and be ready to sell my rice at guaranteed prices though it may not be profitable.”

Though I pay all the government taxes according to all regulations on time I must also say that today I have paid more interest to leasing banks than paying for government taxes.

The annual and quarterly reports put out by banks and leasing companies over the years clearly shows the huge profits margins they make.

Sirisena also said that over the year’s rice mills and distributing sector had been making good profits and it’s time now for them and also his company to think about profit secondly and provide rice at reasonable prices.

He stressed that the rice sector can issue rice to the government certified price and still make profits. “We too should not act like Shylocks at this time.”

Sirisena also disclosed that he has invested around Rs. 400 million to build a fertilizer plant in Polonnaruwa with Chinese machines and European technology and products would be in the market very soon.

 

Thursday, June 23, 2022 – 01:00











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