Dec 30, Colombo: A consumer movement in Sri Lanka says that the Ceylon Electricity Board (CEB) has failed to subsidize consumers despite recording operational profits due to the channeling of the profits to other state institutions.
Consultant of the Lanka Electricity Consumers' Association, Bandula said that the CEB has recorded an annual operational profit of Rs. 21 billion this year.
However, he has reportedly alleged that Treasury Secretary has channeled these profits to other state institutions with high expenditure.
Alleging that the funds are being channeled out of the CEB with the agreement of several senior CEB officials, Chandrasekara said profits from the CEB have been channeled even to the Economic Development Ministry.
He has pointed out that the CEB has earned Rs. 212 billion in 2013 while expenses were Rs. 190 billion and the annual working profit therefore has been recorded at Rs. 21 billion.
Nevertheless, the CEB also owes around Rs. 51 billion to the Ceylon Petroleum Corporation (CPC) for fuel.