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* 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.

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