Magampura Port Company must settle outstanding loan before winding up: COPE

Committee on Public Enterprises (COPE) has instructed the officials of Magampura Port Management Company to settle the loan (Corporate Guarantee) which it has obtained from a private Bank way back in 2014 before it is wound up.

- By YOHAN PERERA AND AJITH SIRIWARDANA

As per a statement issued by the Parliament communication unit said the company had obtained this guarantee of $ 24 million from a private bank in 2014, but had settled around $ 6 million as of December 2023. Accordingly, the outstanding amount is said to be $ 18.82 million as of December 2023.