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COPE spotlights six bad transactions

25 October 2012 02:07 pm - 19     - {{hitsCtrl.values.hits}}


The investment of Rs.1,137 million by the People’s Bank in the purchase of shares of Sri Lankan Airlines had impaired by Rs. 848.8 million in 2010, according to the interim report of the parliamentary Committee on Public  Enterprises (COPE) presented in the House today.

In its interim report presented ahead of the annual budget, the COPE has identified six such transactions of poor accountability at various state institutions. The People’s Bank made this investment in the purchase of 4,236,135 shares of Sri Lankan Airlines when the Emirates Company sold them.

COPE had observed that the Central Bank lost US $ 15.6 million in its investment in Greek Government Bonds without considering the market conditions of that country.

“The explanation offered by the Central Bank was that in the overall investment in the Euro-Zone, there was a profit on the investment. However, the fact remains that the investment on Greek Bonds resulted in a loss,” the report says.     

Also, the report highlights that the actual income raised out of the IIFA Film Festival had not been identified. The sale of tickets of the IIFA Cricket match had been given to a private company contrary to the directive of the subject minister. The income generated through the sale of tickets had not been handed over to the Tourism Promotion Bureau.  

In another revelation, Sri Lanka Tea Board had paid Rs.9, 038,930 to a private company for an installation, but the work remained incomplete.  It is also observed that some components installed some years ago have been outdated now.

The COPE has referred the case in which a Samurdhi Bank manager obtained a loan of Rs.1, 025,000 under the name of a beneficiary to the Criminal Investigation Department (CID).

With regard to the chronic renal failure issue in the North Central Province, the COPE says that there is no proper co-ordination among the relevant authorities. The COPE has directed the   Water Board to take action to form a steering committee with the participation of the relevant authorities.

COPE Chairman D.E.W. Gunasekara who presented the report in Parliament said that financial positions at 32 state institutions were   examined.   He said that the complete report covering 235 institutions would be   presented to the House before the end of this year. (Kelum Bandara and Yohan Perera)

  Comments - 19

  • R.Sunthar Friday, 26 October 2012 02:52 AM

    Is it another N.A.T.O.= No Action Talk Only.

    richardson Friday, 26 October 2012 10:51 AM

    Six of many more

    Have some carpets ready ,so all that can be swept under.

    Kautilya Friday, 26 October 2012 09:38 AM

    Cope ha no teeth. It is mere publicity. If the regime wants to hit some one they will do it. Best examples are NSB and Petroleum.

    Sam. Friday, 26 October 2012 09:17 AM


    C. Seneveratne Friday, 26 October 2012 06:26 AM

    The COPE reports have been falling in deaf ears all ways no action .
    I think it is high time that the government take action now and bring
    The culprits to book.

    Mathukumara Friday, 26 October 2012 05:30 AM

    We cannot have Hope in Cope. To hell with their findings.

    charlie kokula Friday, 26 October 2012 03:58 AM

    Government should not engage in business, because the government is not accountable, on waste and curuption.

    Al Rasa Friday, 26 October 2012 03:37 AM

    Now it is high time to take preventive action in a way of high-powered Board to be appointed to decide before getting into transactions of this nature especially investment which should gain some return to the country.Chairmen and Board of Directors should be deprived of these initiative to be taken without the authority of this Board. Then investigation cost and time consuming exercise can be minimized by the COPE.
    All past governments have not taken an initiatives to this kind of arrangements despite when in opposition they open their big mouth.

    wise man Friday, 26 October 2012 03:43 AM

    Very true. NATO - No Action Talk Only

    Nodrog Friday, 26 October 2012 03:26 AM

    Correct, just political garbage meant for the consumption of the gullible public while the culprits are laughing their guts out at us.

    senevi Thursday, 25 October 2012 02:47 PM

    All these reports and investigations are in vain. What happened to earlier findings? Is anyone punished by wrong doing?
    What are the precautionary measures taken to avoid such incidents in the future?
    All these committees and their reports just to please the general public only...
    Long live COPE..

    Chams Friday, 26 October 2012 02:46 AM

    only six transactions? Amazing findings, congratulations for COPE? How about SLC scams, Hedging, importation of substandard oil, EPF and ETF share transactions ect? How come they are gone unnoticed?

    Please don't bust up tax payers money further by trying to come up with something for the sake of doing something!

    hawkins Friday, 26 October 2012 02:21 AM

    There is a big difference between the investing in stable enterprises in the Euro-zone and in Greek Bonds which originted in a country where its economy in tatters. Central Bank top officers cannot fool the public by these flimsy explanations.

    MagodisThuma Friday, 26 October 2012 01:09 AM

    Govt cant solve the problems. Because Govt is the Problem !

    S.Sriranjan Thursday, 25 October 2012 04:58 PM

    COPE has any Hope???

    sinha Thursday, 25 October 2012 04:29 PM

    Fully agree with senevi. What is the purpose of holding these meetings and paying these idiots if no action is taken to protect tax payers money.

    Dinithi Thursday, 25 October 2012 03:47 PM

    Nothing would happen. The next COPE report will say: The Government Provincial Council Member X murdered officer Y in order to cover up corrupted deal. Still nothing would happen. It is pathetic that the opposition cannot leverage these reports to gain more influence.

    Dayan Thursday, 25 October 2012 03:31 PM

    Who cares..............People have given CLEAR MANDATE for these PROJECTED FAILURES and more to come...........................

    YOU JUST WAIT.................As woody woodpecker says

    Calistus Jayatilleke Thursday, 25 October 2012 03:27 PM

    These findings eventually end up in some obscure cabinet womewhere or in the garbage bin without any action at all. We have seen enough of these "exposures" now to the extent that there is no element of surprise or shock any more at the happennings.

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