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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » SLIIT Not Sold

SLIIT Not Sold

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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.

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