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<blockquote data-quote="topkollek" data-source="post: 29302525" data-attributes="member: 510150"><p>Daya Gamage, a former Sri Lankan cabinet minister, has been accused of obtaining billions of rupees in loans from state banks without proper collateral or repayment plans. The loans were reportedly granted to him for various business ventures, including a sugar factory and a hotel.</p><p></p><p>According to a report by the Sri Lankan government, Gamage obtained a total of Rs. 5 billion in loans from the People's Bank of Sri Lanka between 2010 and 2015. The loans were reportedly granted to him without the required documentation and with little or no scrutiny.</p><p></p><p>In 2018, the People's Bank wrote off Rs. 5 billion of Gamage's debt, sparking widespread outrage among the Sri Lankan public. The bank's decision was widely seen as a political move, as Gamage was a close associate of then-President Maithripala Sirisena.</p><p></p><p>There are several reasons why Gamage may not have repaid his loans. First, it is possible that he simply did not have the financial resources to do so. His businesses were reportedly struggling, and he may have been unable to generate enough revenue to cover his loan repayments.</p><p></p><p>Second, it is also possible that Gamage did not intend to repay his loans in the first place. He may have seen them as a way to enrich himself at the expense of the Sri Lankan people.</p><p></p><p>Finally, it is also possible that Gamage was able to avoid repaying his loans due to his political connections. He was a powerful and influential figure in Sri Lanka, and he may have used his position to pressure banks into waiving his debts.</p><p></p><p>The Sri Lankan government has launched an investigation into Gamage's loans, but no charges have been filed against him to date.</p><p></p><p>/BARD</p></blockquote><p></p>
[QUOTE="topkollek, post: 29302525, member: 510150"] Daya Gamage, a former Sri Lankan cabinet minister, has been accused of obtaining billions of rupees in loans from state banks without proper collateral or repayment plans. The loans were reportedly granted to him for various business ventures, including a sugar factory and a hotel. According to a report by the Sri Lankan government, Gamage obtained a total of Rs. 5 billion in loans from the People's Bank of Sri Lanka between 2010 and 2015. The loans were reportedly granted to him without the required documentation and with little or no scrutiny. In 2018, the People's Bank wrote off Rs. 5 billion of Gamage's debt, sparking widespread outrage among the Sri Lankan public. The bank's decision was widely seen as a political move, as Gamage was a close associate of then-President Maithripala Sirisena. There are several reasons why Gamage may not have repaid his loans. First, it is possible that he simply did not have the financial resources to do so. His businesses were reportedly struggling, and he may have been unable to generate enough revenue to cover his loan repayments. Second, it is also possible that Gamage did not intend to repay his loans in the first place. He may have seen them as a way to enrich himself at the expense of the Sri Lankan people. Finally, it is also possible that Gamage was able to avoid repaying his loans due to his political connections. He was a powerful and influential figure in Sri Lanka, and he may have used his position to pressure banks into waiving his debts. The Sri Lankan government has launched an investigation into Gamage's loans, but no charges have been filed against him to date. /BARD [/QUOTE]
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