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* Mahapola Trust Fund incurred a loss of Rs. 673 million from online lottery, COPE finds
Tue, Jan 12, 2021, 08:37 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 12, Colombo: The Committee on Public Enterprises (COPE) has learned that the Mahapola Higher Education Scholarship Trust Fund had not received Rs. 673 million from the sale of an online lottery of the Mahapola Trust Fund which was sold through another intermediary.

This was revealed during the COPE meeting in Parliament on the 8th January headed by the Chairman Prof. Charitha Herath.

Accordingly, the COPE Chairman directed Secretary to the Ministry of Trade J.M Bhadrani Jayawardena to inform the Attorney General and refer the matter to the Criminal Investigation Department (CID) for a formal inquiry as this was a large-scale corruption.

State Ministers Susil Premajayantha, Dr. Nalaka Godahewa, Members of Parliament Eran Wickramaratne, Nalin Bandara Jayamaha, Premnath C. Dolawatta and S.M Marikkar were present at the COPE meeting.

In addition, due to insufficient capital gains on securities transactions of companies under the Mahapola Trust Fund in 2015 and 2016, the Fund has incurred losses of Rs. 18 million and Rs.102 million respectively.

It was also revealed that a loss of Rs. 13 million has been incurred during the repurchases made using investments in National Wealth Corporation in 2017. The Committee stressed that these irregularities had caused huge losses to the Fund.

 

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