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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » COPE spotlights six bad transactions

COPE spotlights six bad transactions

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1COPE spotlights six bad transactions Empty COPE spotlights six bad transactions Thu Oct 25, 2012 8:23 pm

Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
The investment of Rs.1,137 million by the People’s Bank in the purchase of shares of Sri Lankan Airlines had impaired by Rs. 848.8 million in 2010, according to the interim report of the parliamentary Committee on Public Enterprises (COPE) presented in the House today.

In its interim report presented ahead of the annual budget, the COPE has identified six such transactions of poor accountability at various state institutions. The People’s Bank made this investment in the purchase of 4,236,135 shares of Sri Lankan Airlines when the Emirates Company sold them.

COPE had observed that the Central Bank lost US $ 15.6 million in its investment in Greek Government Bonds without considering the market conditions of that country.

“The explanation offered by the Central Bank was that in the overall investment in the Euro-Zone, there was a profit on the investment. However, the fact remains that the investment on Greek Bonds resulted in a loss,” the report says.

Also, the report highlights that the actual income raised out of the IIFA Film Festival had not been identified. The sale of tickets of the IIFA Cricket match had been given to a private company contrary to the directive of the subject minister. The income generated through the sale of tickets had not been handed over to the Tourism Promotion Bureau.

In another revelation, Sri Lanka Tea Board had paid Rs.9, 038,930 to a private company for an installation, but the work remained incomplete. It is also observed that some components installed some years ago have been outdated now.

The COPE has referred the case in which a Samurdhi Bank manager obtained a loan of Rs.1, 025,000 under the name of a beneficiary to the Criminal Investigation Department (CID).

With regard to the chronic renal failure issue in the North Central Province, the COPE says that there is no proper co-ordination among the relevant authorities. The COPE has directed the Water Board to take action to form a steering committee with the participation of the relevant authorities.

COPE Chairman D.E.W. Gunasekara who presented the report in Parliament said that financial positions at 32 state institutions were examined. He said that the complete report covering 235 institutions would be presented to the House before the end of this year. (Kelum Bandara and Yohan Perera)
http://dailymirror.lk/news/22967-cope-spotlights-six-bad-transactions.html

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