Lanka Sathosa to be restructured

24 June 2015 01:28 pm - 6 - {{hitsCtrl.values.hits}}

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The government has decided to restructure LANKA SATHOSA, Industry and Commerce Minister Rishad Bathiudeen said today.

He said Colombo branch of the global consultancy firm KPMG had been enlisted to restructure it following discussions with the President, the Prime Minister, and Finance Minister Ravi Karunanayake.

“KPMG is expected to find ways to sustain LANKA SATHOSA in a profitable manner, while giving the best market prices to consumers,” Minister Bathiudeen said.

He said LANKA SATHOSA owed Rs. 10 billion to two banks and another Rs. 3 billion to suppliers.
Minister Bathiudeen said KPMG had already advised the government on streamlining and regularising LANKA SATHOSA administration and added that the government would foot Rs. 7.5 billion pending bills of organisation.

“This Rs. 7.5 billion is an investment by the government to make it competitive on par with private supermarket chains of Sri Lanka,” he said.

He said the newly revived LANKA SATHOSA would be re-launched on July 7.

He said government aimed to add another 50 outlets this year to the 305 outlets across the country.

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Comments - 6

gayan Wednesday, 24 June 2015 08:17 PM

Nicely wraped privatization gimick.

Premalal Thursday, 25 June 2015 06:29 AM

Business will only work in private hands man. Can you name a prosperous socialist country. Name one efficiently run state entity.

Premalal Thursday, 25 June 2015 10:34 AM

To those who have given me a negative please give one prosperous socialist country and one efficient state organisations.

eric Thursday, 25 June 2015 10:50 AM

Ravi chose KPMG since he is ex-kpmg. Anyways its a good thing. Infact the govt should bring in the Big Four to look into many departments and streamline its processes

Qatar Thursday, 25 June 2015 11:20 AM

Give it to R- K please. He will do the needful...

upul Thursday, 25 June 2015 12:44 PM

PremalalIt is not pvt or govt. Having right people to run the entity.Some of the big universities in western countries are govt run and making money.What about Chinese big corporations.Arms manufacturers.Again how many big pvt enterprises gone bus due to bad management. Who started gfc non other than big pvt corperations.

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Lanka Sathosa to be restructured

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