“Tea Shakthi Fund has been gradually declining since 2007”

“Tea Shakthi Fund has been gradually declining since 2007”

“Tea Shakthi Fund has been gradually declining since 2007”

Written by Staff Writer

11 Apr, 2016 | 7:22 pm

The Tea Shakthi Fund, which is affiliated to the Tea Small Holdings Development Authority, convened a media briefing in Colombo on Monday, Dec

Chairman of the Tea Small Holdings Development Authority, Wijeratne Devagedara noted that the Tea Shakthi Fund gradually declined since 2007, as at 2015 the fund is in a very difficult position.

Explaining further, he noted that when he assumed duties the fund account had only Rs.75000. He stated:

The loss of 101 million in 2014 has been reduced to 76 million. Payments had not been made for leaves purchased from tea small holders. On the other hand they are 102 million in debt to brokers who sell the tea dust after we purchase the leaves.

He added that when they purchase leaves from the small holders, manufacture tea dust and send it to the auction, they slash it from their debt. The money owed to the brokers has reduced to about Rs.38 million.

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