10 million ‘performance bonus’ proposed for SriLankan Airlines CEO for making losses

10 million ‘performance bonus’ proposed for SriLankan Airlines CEO for making losses

By Lahiru Fernando

05 Oct, 2017 | 10:26 pm

The National Carrier of Sri Lanka – SriLankan Airlines is embroiled in a serious financial crisis making loss after loss.

However, there has been a proposal to provide a ‘performance bonus’ of Rs. 10 million to the airline CEO Suren Ratwatte.

Suren Ratwatte - CEO of SriLankan Airlines

Suren Ratwatte – CEO of SriLankan Airlines

Yes, this is the CEO of the airline which is making losses. In billions.

Ratwatte ‘can be given a performance bonus’ only after he fulfills certain conditions in the service agreement he signed when appointed as CEO, – SriLankan Airlines Chairman Ajith Dias told News 1st.

The document which included this proposal for the bonus was brought before the SriLankan board of directors recently.

And the board, had not agreed to the proposal, said the Chairmen of SLA.

We should also note that Ratwatte is the brother of Charitha Ratwatte -the senior adviser to Prime Minister Ranil Wickremesinghe.

Following is the string of losses made by SriLankan Airlines.

  • 2016 – 2017: Rs. 28.2 Billion
  • 2015 – 2016: Rs. 12.6 Billion
  • 2014 – 2015: Rs. 16.4 Billion

Those are the losses, and they want to give CEO Suren Ratwatte a Rs. 10 million performance bonus.

The top four executives of SriLankan Airlines, including the CEO, are taking home a monthly salary which exceeds Rs. 3 million already.

Using the Right to Information Act, The Airline Pilots Guild of Sri Lanka had been denied details of the salary and other perks of CEO Ratwatte.

SriLankan Airlines already has to pay a mammoth fine for cancelling aircraft orders which were signed for during the former regime.

The fine? – Over 16 Billion rupees.

Meanwhile the Chairman of COPE Sunil Handunnetti has revealed that SriLankan Airlines operated during 2016 and 2016 with funds taken from People’s Bank and Bank of Ceylon.

How much did SriLankan Airlines take? – 400 Million Dollars. That amounts up to around 60 Billion rupees.

SriLankan Airlines continues to make losses. Shouldn’t the subject minister, the board of directors and especially its CEO be held responsible for the inefficient administration of the Airline?