“The banking system in the country has failed; businesses had lost faith in banks. In this situation can we expect investor confidence to remain the same way?”
These are the sentiments of some of the investors in the country due to the recent revelations about the banking sector. Their main concern in the lack of responsibility and accountability in the sector.
Due to the mass misappropriation of MMPRC funds and the corruption level in the country, investors are now reconsidering their decisions.
Speaking to Miadhu, some of the investors said that they want to see how long the investigation would take. They add that they want to see how MMA would recoup the losses from the issues.
“This time it happened in the Government. Before such things happened to private companies. For the government US$ 80 million may not be much. But for a private company even US$ 1 million is a large sum. If it is 8 million then its more,”
Another investor said that corruption and corrupt individuals was a common aspect in all the countries. However, the investor said that the important thing was a system to limit the damages from it.
The present Government was ushering in many investments, to an unprecedented level, which is now yielding results.
The strength of the banking system is a key factor for investors and the lack of a strong sector is a deterrent for investors.
After the Auditor General released the MMPRC audit report, all investors are anticipating any action of MMA.
MMA must accept responsibility for lack of public faith in sector
