Sri Lanka hit by billion-worth losses over coal purchase

COLOMBO (News1st): An investigation carried out by the Committee on Public Enterprises has revealed that the country had incurred a loss of 1.1 billion rupees due to the purchase of coal. The investigation had been carried out based on the Auditor General's report that covered coal purchases made by Lanka Coal Company since 2009. The investigation revealed that the losses had been caused since the required quantity of coal had not been mentioned when Lanka Coal Company had called for tenders to procure coal. During a meeting of the Committee on Public Enterprises yesterday, it was revealed that Lanka Coal Company had purchased coal on short term agreements, instead of long term ones, in violation of the procurement procedure. The committee had summoned higher officials of the company to Parliament as part of its investigations.