Fifteen state-owned institutions incurred over Rs110bn loss during a 15-month period: COPE

Fifteen state-owned institutions incurred over Rs110bn loss during a 15-month period: COPE

Fifteen state-owned institutions incurred over Rs110bn loss during a 15-month period: COPE

Written by Tharushan Fernando

08 Feb, 2017 | 7:24 pm

COPE calls for a special debate regarding massive losses incurred by the state…

COPE’s investigative report on 15 state institutions from May 2015 to August 2016 was tabled in Parliament today where Chairman of the Committee of Public Enterprise or COPE, MP Sunil Handunnetti said that fifteen institutions have incurred a loss of over Rs.110 billion during a span of 15 months.

The COPE report contains the details of Sathosa, Road Development Authority, Sri Lanka Insurance Corporation, State Engineering Corporation, Telecommunications Regulatory Commission, Sri Lanka Cricket, Sri Lanka Rupavahini Corporation, National Lotteries Board, the Sustainable Energy Authority of the Ceylon Electricity Board, the Football Federation, Ayurvedic Drugs Corporation, the four Maga Neguma institutions, Sri Lanka Ports Authority, Kurunegala Plantations Limited and the Employee Trust Fund.

COPE Chairman said that the Sooriyawewa Cricket Stadium for instance is in a state where it does not have an ownership and there is a question as to whether the 5.3 billion is being paid by the Sri Lanka Ports Authority or Sri Lanka Cricket.

COPEAccording to the chairman there have been mass losses due to non-economic activities amounting to nearly Rs.57,000 million which took place through certain unrelated constructions carried out by the Road Development Authority alongside the money which was spent for Lotus Tower, and the millions of Dollars and Euros granted to the Football Federation as well as the State Engineering Corporation which has incurred a loss of Rs.2918 million.

He explained that this report contains the loss incurred by the Hambantota Port, which is a staggering Rs.370 billion, while approximately Rs.110 billion in losses, have been incurred by the mentioned fifteen state institutions.

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