Sri Lanka, Aug. 6 -- UNP MP Ravi Karunanayake today (06) raised concerns in Parliament over what he described as aggressive and unfair practices in Sri Lanka's leasing sector, particularly by finance companies regulated by the Central Bank.

Speaking on the matter, Karunanayake said the leasing industry had become heavily one-sided, favouring financial institutions over struggling citizens.

He warned that companies were seizing vehicles and machinery even after 60 to 70 percent of the lease amount had been settled, with little regard for the borrower's financial condition or circumstances.

He criticised the current regulatory framework that allows asset seizures after just 90 to 150 days of non-payment, arguing that it does not take in...