Financial crisis

Wednesday, 15 September 2010 20:00

By Sandun A. Jayasekera

The state owned Sri Lanka Rupavahini Corporation (SLRC) is facing a severe financial crisis with its annual profits dropping to a mere Rs. 4.7 million in 2009 from a satisfactory Rs. 137 million in 2006, the Auditor General’s Department, the Treasury and COPE sources revealed.

A confidential report sent to the Parliamentary Committee on Public Enterprises (COPE) by Treasury Secretary Dr. P.B.Jayasundara on the performance of the SLRC from 2005 to 2009 says that the SLRC has not submitted an updated corporate plan for 2010.

The report draws the attention of the government to put the SLRC in order adding that there has been erosion in the performance of the SLRC management in terms of recruitment and financial management.

The Auditor General in his observation on the performance of the SLRC in the year 2005 to 2008 has highlighted that the SLRC has failed to comply with the Sri Lanka accounting standards and policies in preparing its financial statements.

Meanwhile, a COPE source told Daily Mirror that Chairman, Prison Reforms and Rehabilitation Minister D.E.W. Gunasekara has decided to go to the bottom of the woes of the SLRC and summon all those responsible for the present predicament.

Comments

-3+69 # Jay 2010-09-15 20:09

is anybody surprised?

-5+70 # pj 2010-09-15 20:10

So a name chnge like "Mihin Vahini" would do better !! For, name changes are the biggest change that dictators normally do . Look at Burma..They made it Myanmar.!!

-6+73 # sw 2010-09-15 20:30

Financial Super Stars like PBJ & Cabral will find nothing wrong with the situation

-2+80 # Nan 2010-09-15 20:45

This is what happens to media organizations when they spend most of their air time on free propaganda for the government

-2+84 # Dinesh 2010-09-15 21:16

+ How come? So many ads were telecast during the Presidential Election. Haven't those generated any revenue for SLRC?

-2+66 # Calistus Jayatilleke 2010-09-15 21:35

Paying for the sins of misinforming and telecasting government propaganda ad nauseum.

-0+58 # Gerry 2010-09-15 21:39

Why are they worried about profits? I thought that they were a charitable organisation - the GOSL being the biggest beneficiary!

-4+67 # KEJ 2010-09-15 21:57

That 'Family's' channel ... who cares!

-1+2 # roadrunner 2010-09-16 15:55

yes it is "Families channel"

-0+37 # Ibnu Batuta 2010-09-15 22:29

If charges for political ads during the elections are recovered the situation would be different?

-3+27 # mahesh 2010-09-15 22:30

How come Rupavahini is making any profit?

-0+37 # asanka 2010-09-15 22:53

This happens when a state owned broadcaster extends favors ...

-3+31 # I Hussein 2010-09-15 23:24

High time to close it down for good!

-1+32 # Azhar 2010-09-16 00:07

How can you make profits when you are dancing to the tunes of politicians?

-2+19 # Rajitha 2010-09-16 00:22

Is it supposed to show any profits?

-0+19 # Josh 2010-09-16 00:58

Wonder why they don't even pay their employees properly!

-1+34 # izzy 2010-09-16 02:17

We should seek Mervin's help!

-2+8 # Kalu Malli 2010-09-16 10:15

any clue about the performance of ITN?

-0+5 # Dee 2010-09-16 11:46

Lets ask PABA.

-0+8 # Prabath 2010-09-16 10:23

go ahead SLRC. telecast more free propaganda for the govt.

-14+6 # Defender 2010-09-16 10:36

SLRC should be protected. Of course there are some unacceptable policies, but it had a great history. They became the pioneer in this field. But unfortunately, they copy most of cheap programs from pvt TV channels. They do not have innovative program producers.
SLRC should take immediate steps to telecast programs about our great history, culture and Tele-dramas (not Mega) that speak to our brains & hearts. More air time should be allocated to educate, moralize & motivate our people, to develop positive attitudes. As long as they can understand & touch the real heart beat of Sri Lankans, they are unbeatable.

-0+4 # Mushi 2010-09-16 11:35

In fact, SLRC should be making loss at the moment. Since, Sri Lanka accounting standards have not been complied with, i believe, the accounts would have been distorted to show profits. Auditor General should point out such non compliance with accounting standards and reveal to media what would be the actual profit or loss if they were complied with.

-0+6 # Holman 2010-09-16 11:38

When ordinary people like us knew the future of Rupavahini how come the Rupavahini authorities didn't know that this institute was heading for bankrupt ?

-0+2 # willows 2010-09-16 12:02

Close down or privatised

-1+5 # Oyage sudu kella 2010-09-16 12:34

The only way out for Rupavahini is to sell the channel to Sirasa. ha ha.

-1+1 # Nica 2010-09-16 12:43

Does accounting Standards really matter? To begin with, a handful of Accountants prepare accounting standards for another handful of Accountants to break it. At the end of the day it is the so called accountants who make it and break it. So why bother making these standards?

-0+2 # Wasantha 2010-09-16 13:05

Why not appoint KP as the Head of SLRC as CBK did by appointing Vasantharaja.

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