Opposition Leader Warns of Crisis after Parate Law Reimplementation

Raising serious concerns,Mr. Premadasa highlighted the reimplementation of the Parate Law, which comes into effect from midnight (June 30). The law enables the expedited seizure and auctioning of assets belonging to industrialists and entrepreneurs who have defaulted on loan repayments.

"The reactivation of this law poses a grave danger to the survival of thousands of business owners,” Mr. Premadasa warned, emphasizing that MSMEs—already burdened by economic instability—now face the risk of losing their properties and livelihoods.

He called on the government to halt measures that could deepen the financial crisis among small businesses and instead provide effective, long-term support to revive the MSME sector.