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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Rs 500 M fraud at CPC

Rs 500 M fraud at CPC

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1Rs 500 M fraud at CPC Empty Rs 500 M fraud at CPC Fri May 10, 2013 3:27 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
By Sulochana Ramiah Mohan

The Ceylon Petroleum Corporation (CPC) has incurred another loss amounting to Rs 500 million due to a fraud in the subsidy given to the fishermen, reliable sources told Ceylon Today.

According to sources, the fishermen receiving a subsidy from the CPC, consequent to the government granting the same in view of the rise in fuel prices in the recent past, are given coupons to obtain fuel from gas stations.

However, the audit report released yesterday shows a sum of Rs 500 million, over and above the subsidy that has been offered to the fishermen.

Reliable sources at the CPC alleged that some officials at the Corporation may be conniving with owners of certain fuel stations to print and issue subsidy coupons in excess of what is required, so as to earn a fast buck through commissions or to claim subsidized fuel by presenting extra coupons printed for the purpose.

Managing Director of CPC, Susantha Silva, admitted that some fraud had taken place as highlighted in the audit report, and claimed the issue has been referred to the CID for investigation.

He also admitted there are several audit reports at the CPC and many issues therefore that need to be investigated. "There are people who manipulate the situation and make use of CPC for personal gains. We are taking necessary action over the latest audit report where CPC stands to lose Rs 500 million. The fraud is being investigated by the CID and the culprits will be punished," Silva said.
http://ceylontoday.lk/16-31944-news-detail-rs-500-m-fraud-at-cpc.html

2Rs 500 M fraud at CPC Empty Re: Rs 500 M fraud at CPC Fri May 10, 2013 9:30 am

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Utmost requirement is executing the justice equally. We are stranded in sluggish enforcement of law & order.
1. Audit reports are very late. In the meantime thieves leave the country.
2. Legal process is very slow. Court decision comes out after many years.
3. Penalties/punishment ordered inadequate.
4. Political network protects the wrongdoers
My views are not politically biased at all.

3Rs 500 M fraud at CPC Empty Re: Rs 500 M fraud at CPC Fri May 10, 2013 10:52 am

Light of Hope


Vice President - Equity Analytics
Vice President - Equity Analytics
can't we get rid of this politicians and appoint a CEO for the country and pay him for his performance. just a thought

4Rs 500 M fraud at CPC Empty Re: Rs 500 M fraud at CPC Fri May 10, 2013 2:45 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@Light of Hope wrote:can't we get rid of this politicians and appoint a CEO for the country and pay him for his performance. just a thought

More theoretical than practical Wink

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