Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka state institutions incur losses over Rs. 9.7 billion last year, Interim COPE report reveals
Wed, Aug 6, 2014, 07:31 pm SL Time, ColomboPage News Desk, Sri Lanka.

Aug 06, Colombo: The Interim Report of the Committee on Public Enterprises (COPE) presented in Parliament by the Chairman of COPE, Senior Minister Dew Gunasekara on Tuesday revealed that state institutions collectively have incurred losses of over Rs. 9.7 billion in 2013.

According to the interim report prepared for the period of 08th October 2013 to 08th April 2014, the Ceylon Petroleum Corporation (CPC), Mihin Air and Ceylon Fisheries Corporation (CFC) are the three biggest losers accumulating losses amounting to Rs 9.7 billion during 2013.

The Committee has investigated 47 public enterprises Out of the 47, 18 were business ventures and 29 nonprofit institutions.

The CPC incurred loses up to Rs 6.3 billion, Mihin Air Rs 3.2 billion and CFC Rs 75 million. Those were the only business ventures that incurred such heavy losses.

Among the 29 non-profits that investigated 9 experienced deficits. Among them, the National Youth Services Council incurred losses of Rs. 253 million, National Transport Commission Rs 190 million Rubber Research Board of Sri Lanka Rs 84 million, Vocational Training Authority of Sri Lanka Rs 49 million and Central Environmental Authority Rs 28 million.

Presenting the Interim report, Minister Gunasekera noted that the performance of most of the Institutions that come under the COPE has improved appreciably.

He noted that except for few, most institutions submitted their Financial Statements to the Auditor General on time and encouraged the submission of Annual Reports to the Parliament.

The Urban Development Authority, Ceylon Fishery Harbors Corporation, Cooperative Wholesale Establishment and Sri Lanka State Plantations Corporation had not submitted financial statements.

The Committee intends to table another Interim Report in September before the Final Report which will be presented towards the end of the year 2014.

COPE can only inquire into the allegations raised against public institutions and officials, but cannot institute any action against them.

ColomboPage - Recent 10 Stories
Sri Lanka court grants bail to former Army Commander's son-in-law
-- [54 minutes ago]
Sri Lanka opposition candidate releases policy statement amid disruptions
-- [2 hours ago]
Lone survivor of Sri Lanka Air Force plane crash dies
-- [2 hours ago]
Sri Lanka main opposition accuses Army of political campaigning for President, Army denies
Chinese firm to invest US$ 20 million for a saline production facility in Sri Lanka
Opposition Presidential Candidate asks Sri Lankan President to stop violating election laws
Sri Lanka's first mass media outlet for Muslims launched
Sri Lankan court extends remand of 38 Indian fishermen till December 31
Sri Lanka's John Keels in US$ 445 million deal with Standard Chartered Bank for development project
'After 27 years, we gave you an election', Sri Lankan President tells North

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.