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Lawyer and Samagi Jana Balawegaya (SJB) member Eranda Weliange[/caption]
Lawyer and Samagi Jana Balawegaya (SJB) member Eranda Weliange levelled allegations against the Government for favouring leasing company leaders that charge a high interest even during moratorium periods.
Speaking on the matter, Weliange stated that 70% of the consumers in the country purchase vehicles through a leasing system as these consumers do not have the purchasing power to pay for these vehicles at once.
“Due to the Covid-19 pandemic and its effects on the people in the country, many consumers have not been able to pay the interest and monthly fee for the leasing system. This is also because most consumers also purchase vehicles for tourism, day-to-day operations, or maybe a transport business,” Weliange commented.
Thereby, he pointed out these consumers were facing a prominent challenge when it came to paying the leasing payment and interest.
As a result, the Government has provided a moratorium for this matter, in which the consumers who have agreed to the leasing system do not have to pay for a certain period of time.
However, in this period of time, Weliange revealed that the leasing companies have charged a 10% or higher interest for the consumers who have not paid during the moratorium period.
He further urged the government to revise or completely remove the interest with the help of the Central Bank of Sri Lanka (CBSL).
However, Weliange alleged that many suspect that the Government is not removing or decreasing this interest in favour of the leasing businesses, as the majority of leasing company leaders are millionaires that the Government has helped for several years.
In March 2020, the first moratorium that CBSL issued to Licensed Commercial, Licensed Specialised Banks (LSBs), and leasing companies informed relief measures to assist businesses and individuals who were affected by the Covid-19 pandemic.
Also, in March 2021, the latest circular was issued to the banks mentioned above to provide concession for lease facilities obtained by Covid-19 affected businesses and individuals engaged in passenger transportation services for six months with effect from 1 April 2020.
Also, in relation to licensed banks, the margin is specified as 1 % per annum while licensed finance companies and specialised leasing companies are advised to be at 5.5 % per annum with an interest rate charge not exceeding 11.5 % per annum.