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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka Treasury loses Rs. 15 billion from a number of state enterprises

Sri Lanka Treasury loses Rs. 15 billion from a number of state enterprises

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Jun 01, Colombo: Sri Lanka's parliamentary Committee on Public Enterprises (COPE) says that some state enterprises have caused a loss of Rs. 15 billion to the Treasury.

Chairman of COPE, Senior Minister D.E.W. Gunasekera said the Committee had examined 235 state institutions under six categories. The categories included regulatory bodies, promotional agencies, state owned enterprises, educational agencies, development agencies and research institutes.

The Committee has also monitored and reviewed the follow up measures on the COPE report submitted to parliament last year.

"This has had an impact on the control of public finances," Gunasekera said.

According to the Minister, state entities including Lankaputhra Development Bank, Sri Lanka Cricket, National Child Protection Authority, National Library and Documentation Services Board, Sri Lanka Insurance Corporation, Sri Lanka Tourism Promotions Bureau, Samurdhi Authority, Sri Lanka Export Development Board, Sri Lanka Tea Board, Sri Lanka Telecom, Ceylon Fisheries Corporation, Central Bank, University Grants Commission, Urban Development Authority, People's Bank, Securities and Exchange Commission and Sri Lanka Rupavahini Corporation are among those that have caused the Rs. 15 billion loss.
http://www.colombopage.com/archive_13A/Jun01_1370098546CH.php

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
may of those enterprises doesn't serve the common man
only serve politician to fill their henchmens
Privatization of those entities is the only way to get common-man better served

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
National Child Protection Authority, National Library and Documentation Services Board, Samurdhi Authority,University Grants Commissio

These are not operate for profit and definitely money should be allocated by the treasury. There may be corruptions.........
Not valid argument.

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Redbulls wrote:
According to the Minister, state entities including Lankaputhra Development Bank, Sri Lanka Cricket, National Child Protection Authority, National Library and Documentation Services Board, Sri Lanka Insurance Corporation, Sri Lanka Tourism Promotions Bureau, Samurdhi Authority, Sri Lanka Export Development Board, Sri Lanka Tea Board, Sri Lanka Telecom, Ceylon Fisheries Corporation, Central Bank, University Grants Commission, Urban Development Authority, People's Bank, Securities and Exchange Commission and Sri Lanka Rupavahini Corporation are among those that have caused the Rs. 15 billion loss.
http://www.colombopage.com/archive_13A/Jun01_1370098546CH.php

This is a very irresponsible statement.
How come a minister saying state entities such Sri Lanka Export Development Board,University Grants Commission, National Child Protection Authority, National Library and Documentation Services Board are causing the losses? These institutes should never focus on making any profits..!!

As per him Central Bank, Telecom are losing money But Cabba said CB made profit last year & financial report shows Telecom also made profit..!


Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Read this link also.
http://forum.srilankaequity.com/t28977-soes-need-competent-officials-not-political-appointees-dr-pb

Sidath

Sidath
Manager - Equity Analytics
Manager - Equity Analytics
@Redbulls wrote:Jun 01, Colombo:

According to the Minister, state entities ,..... Securities and Exchange Commission ..... are among those that have caused the Rs. 15 billion loss.
http://www.colombopage.com/archive_13A/Jun01_1370098546CH.php

I find this hard to believe. SEC charges a fee from every transactions on the CSE and is not dependent on the budget for hand outs. And if I'm not mistaken they run a surplus every year, and according to their annual report have over a billion Rs. in surplus reserves.

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