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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Economic catastrophe: Cyprus today, SL tomorrow ? Two SL Bank magnates sell their shares in fear

Economic catastrophe: Cyprus today, SL tomorrow ? Two SL Bank magnates sell their shares in fear

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Hanoifortune

Hanoifortune
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Lanka-e-News-06.April.2013, 11.30PM) It is being widely questioned whether SL will also face the same disaster as Cyprus which has driven itself into a debt trap causing the Banks in that country to collapse? According to The deleted news service, the wealthy shareholders of SL Banks , local and foreign ,realizing the Cyprus crisis as an ominous signal to them are in the process of selling their Bank shares.

Umar Kumar Sharma a popular and leading senior Indian businessman engaged in business for a long period in SL , has sold all his shares in the Nations Trust bank last Thursday (4th April). Sharma was the former owner of Continental Hotel. The Chairman of the Union Bank ,Alex Lowell is also preparing to sell all his Bank shares , the same The deleted news service revealed.

Purportedly , Lowell had sold his shares since he has got a good price for his shares. But , economic experts say , that is not what was told by the Chairman of the Bank. Earlier on Lanka e news reported that the CitiBank too was planning to close down.

Having got wind of the fact that the future of the banks are bleak in SL , the affluent shareholders are selling their Bank shares , economic specialists say.

Meanwhile a high ranking official of the Hatton National Bank speaking to Lanka e news said , the deposits of the people in the Banks are diminishing rapidly , while the withdrawals of the deposits are also fast rising. The recoveries of ODs granted by the Bank was also very less during the last revenue year . The borrowers being unable to pay back the ODs wish the Banks to acquire the properties that have been given as collateral to the Banks.

The latter are in a deep quandary because they are neither able to recover the loans nor sell the properties , since in the present climate nobody is coming forward to buy properties. The Banks in Sri Lanka are therefore currently in dire peril, the top notch Bank officer told with concern.

Following the collapse of the Banks in Cyprus, the people’s deposits over one lakh euro dollars are to made liable to a 40% tax. The Sri Lankans abroad who are watching the developments there have become apprehensive that there is room for the MaRa despots, the lawless brutes and economy destroyers could take a similar decision ahead .

Sri Lankans abroad have deposited their monies mostly in the NRFC accounts. Many of these depositors who contacted Lanka e news said , they are seriously contemplating to transfer these funds to another country.

The Cyprus Banks collapsed because the loans taken by that country were so colossal that the entire income of that country was not enough to pay the loan installments. Sad to say , SL is also in a similar situation. Since the Rajapakse regime’s advent , the loans taken during its short tenure in office is two to three fold in excess of the total loans taken by all the previous governments. Presently , the whole income of the country is not enough to repay the loan installments. By January this year , the country’s export earnings had dropped drastically by 18%, media reported.
When SL begged for another loan from the IMF , the latter declined citing the reason that a loan cannot be given to repay loan installments.

This impending economic catastrophe was perceived first by the owners of Banks. They are taking measures to safeguard their interests. Apart from the State Banks , the Sampath Bank , the Commercial Bank and Hatton National Bank that were brought under the control of the Rajapakses and which are aware of these ominous trends , are however pretending that they are unaware.
http://www.lankaenews.com/English/news.php?id=13633

K.Haputantri

K.Haputantri
Co-Admin
This web site (Lanka e news) is dead against the present Govt. I am not a fan of this regime. Even though they have personal reasons to do so, they should not forecast disaster like this without valid signals & reasons. I don't see any immediate issue as alleged.

ControlFreak


Equity Analytic
Equity Analytic
Most of the ill gotten monies are in foreign banks EU safely stashed away for future use. But what they don't know is that those monies will never be theirs when they eventually try to claim it as they would not be alive by then.

Remember what happened to the rich Jews who stashed their investments and then suffered a painful death by the Nazis? 6 million gassed and killed.
Who now owns all their monies? I mean the Jews.
Who of the Jews relatives are alive to claim those deposits? none.
Why is this history important? History has an uncanny way of repeating itself.

So who gets rich in the end?

You are wise. You decide.






Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
කවුරු හරි ලංකාව , එහි වර්තමානය හා සයිප්‍රසයේ ඇතිවී ඇති තත්වය එක සමාන කරන්න හිතනවා නම් ඔහු වෙන කවුරුවත් නොව ලංකා ඊ නිවුස් එක මෙහෙයවන එලොවටත් මෙලොවටත් නැති ඉහඳ පණුවා ම පමණි.

[ පුද්ගලික අත්දැකීම :
මේ "මාරා" අපේ NRFC ගිණුම් වලින් ටැක්ස් ගහන්න යන කතාව හදපු මේ කල්ලියේ ප්‍රචාරයන්ට දුරින් සම්බන්ධ මාවත් දන්නා කෙනෙක් මිට මාස 14 කට පමණ පෙර මට මේ Tax කතාව කියල මගේ විදේශ මුදල් ලංකාවෙන් ඉවත් කරවන්න හැදුව බව ප්‍රකාශ කරමි. ]

කරන බොරුවට ගැලපෙන බැංකුවක නමක් තෝරා ගන්න බැරි ඊ නුවුස් කාරයෝ NTB එක ගැන අපිටනේ කියන්න එන්නේ .

අඩු ගානේ ඔටුන්න හිමි (යයි වටේ ඉන්න උන් සිතා ඉන්න) කුමාරයෙක් ගේ අර රේස් - මේ රේස් , බෝල අරගෙන දුවන සෙල්ලම් වලට දවස ගානේ ස්පොන්සර් කරලා, නම් ලැයිස්තු වලට පුටු පුරවල හිර වෙන ආණ්ඩුවේ බැංකුවක් වැටෙන්න යනවා කියපිය.

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
I like the way Lanka e news write... its the best way to attack your opposition. They have reason to do so, they were chased out and were forced to do so. hence , stop bashing their ethics. no media in SL have ethics.
Caveat emptor (Let the buyer beware) or we report you decide.

Main point to say about the news, It's poor effort to assimilate some unrelated info to bring about a story. in fact, those who try to more assets to safe heava should know that those safe heaven will be on risk. I don't foresee any such risk in Sri Lanka. It is all Sri Lankan who deposit money in SL. But , there is a greater risk in GOSL treasury market as foreign holdings are much higher- this might impact on currency


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