FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post


ADVERTISE
Poll

EXCHANGE RATE PREDICTION: 2022

 
 
 
 

View results

ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» The war in Ukraine is no longer shocking the wheat market
by ResearchMan Today at 12:44 pm

» POSITIVES & TARGETS BY IMTIAZ BUHARDEEN
by cseguide Today at 11:34 am

» Analysis: China casts giant shadow over emerging nations' chase for debt relief
by ChooBoy Today at 7:38 am

» In STOCK MARKET despite all odds, there is always hope. Never ever give in nor give up.
by atuts Yesterday at 2:14 pm

» India raises import tax on gold to support rupee and amid trade deficit
by ResearchMan Sat Jul 02, 2022 2:09 pm

» When will supply chain disruptions ease?
by ResearchMan Sat Jul 02, 2022 9:57 am

» Expolanka to continue its winning streak
by samaritan Fri Jul 01, 2022 4:12 pm

» Govt gets its priorities wrong
by samaritan Fri Jul 01, 2022 10:25 am

» Ambassador assures U.S. support to Sri Lanka to find solutions to economic issues
by samaritan Fri Jul 01, 2022 10:16 am

» IMF-Sri Lanka bailout talks end without a deal
by ChooBoy Fri Jul 01, 2022 9:16 am

» Sri Lanka Breaks Into Hyperinflation Zone Amid Dollar Crunch
by CHRONICLE™ Fri Jul 01, 2022 8:11 am

» Sri Lanka needs to do more on debt restructuring before a bailout package is finalised, says IMF
by CHRONICLE™ Fri Jul 01, 2022 8:06 am

» Global COVID cases rise as BA.4 and BA.5 expand
by samaritan Fri Jul 01, 2022 7:04 am

» We’re seeing a shift toward international and value stocks, says Schwab’s Kleintop
by target1 Wed Jun 29, 2022 2:40 am

» Wall Street stumbles as consumer pessimism stokes growth fears
by target1 Wed Jun 29, 2022 2:34 am

» Free Market Capitalism vs. Crony Capitalism
by target1 Wed Jun 29, 2022 2:30 am

» Sri Lankan corporations reap large profits as workers and rural toilers face poverty and starvation
by CHRONICLE™ Tue Jun 28, 2022 6:37 pm

» අද රාත්‍රියෙන් පසු, යක්ෂයාගේ හෝරාව ඇරඹේ!
by God Father Tue Jun 28, 2022 6:13 pm

» Derana 360 with Minister Dhammika Perera
by samaritan Tue Jun 28, 2022 1:07 pm

» CENTRAL INDUSTRIES PLC (CIND.N0000)
by LHW Tue Jun 28, 2022 9:24 am

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » SLIIT Not Sold

SLIIT Not Sold

Go down  Message [Page 1 of 1]

1SLIIT Not Sold Empty SLIIT Not Sold Sun Dec 13, 2015 8:16 am

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Speaking to journalists outside the Financial Crimes Investigation Division on Friday, Mr. Johnston Fernando said the Government had sold The Sri Lanka Institute of Information Technology (SLIIT)  which was worth around Rs. 10 billion “for a mere Rs. 400 million without calling for tenders and without Cabinet approval”.

Replying to this allegation, SLIIT Chairman Prof. L.L. Ratnayake said: “SLIIT is a guarantee company and has no shares or shareholders,”   “It cannot be sold.”


Recently, SLIIT (established in 1999 by an Act of Parliament )  has returned more than Rs. 400 million to the depleted Mahapola Trust Fund (MTF) to enable it to continue to grant scholarships to needy students. In the early 2000s, the MTF had contributed Rs. 370 million to the Institute to construct its main building. However, due to dwindling funds in the coffers, MTF officials recently requested that the money be returned.

“There was a request from the MTF to return the money so that it can continue to give scholarships,” SLIIT Chairman L.L. Ratnayake said. “So we did some calculations, added the interest and deducted some money given as scholarships to our students on behalf of the MTF and paid the MTF Rs. 408 million.”

This was misrepresented by former minister Johnston Fernando this week.



The Malabe campus of SLIIT stands on land owned by the Mahapola Trust Fund. In addition to returning some monies, the SLIIT has signed a fresh lease agreement for the property and it is more advantageous to the MTF.

Under the new agreement, SLIIT will pay Rs. 20 million a year.

Not like in other government owned universities , after obtaining  initial funding from Government,  SLIIT is running from its own funds mainly collected from students and even generate money for the government.

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum