Lottery winner fails to claim Rs. 12 Mn within 6-month window

30 November 2023 09:39 pm - 7 - {{hitsCtrl.values.hits}}

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Colombo, Nov.30 (Daily Mirror) - The National Lotteries Board (NLB) has come under fire following revelations in the country's 2022 annual audit report regarding unclaimed prize money and uncredited funds.

The report highlights several instances where the NLB has failed to adhere to financial regulations and has retained funds that should have been credited to the Consolidated Fund.

One particularly concerning issue is the failure to credit unclaimed prize money from the "Hadahana" lottery. The report states that a sum of Rs. 12 million had remained unclaimed from January 27, 2022, to June 30, 2022.

This money should have been credited to the Consolidated Fund as per the provisions of the Act. However, the NLB has retained the funds in its own account.

Another issue raised in the audit report is the NLB's retention of Rs. 2,397 million as at December 31, 2022. The Act stipulates that the NLB should credit the balance after deducting the expenditure specified in the Act from the income of the lottery tickets to the Consolidated Fund. However, the NLB has failed to do so, according to the report.

Meanwhile, the report stated that the Development Lotteries Board (DLB) has remitted the total profit after tax for the year 2022, amounting to Rs. 3,211 million, to the President's Fund.

According to the Development Lotteries Board Act No. 20 of 1997, the entire profit from lotteries conducted by the DLB shall be remitted to the President's Fund.

The President's Fund is a special fund established to utilize funds for various purposes, including national development projects, welfare programmes and social initiatives.

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Comments - 7

Mervyn Thursday, 30 November 2023 09:59 PM

The President Fund does have its benifits to the citizens. If you do a by pass operation they reimburse a sum of Rs 150,000. For other operations too they reimburse some money. But all politicians who goes to Singapore or any other foreign country, they get a full reimbursement of the money spent for medical expenses through the President's Fund. This President Fund really benifits the politicians. During the Easter Bombing, Sirisena our President admitted in a interview that he was on Mount Elizabeth Hospital, Singapore and the total payment was done through the President's Fund. So they must make sure that this fund has enough money diverted to the same for there benifits.

Mahila Thursday, 30 November 2023 11:26 PM

SELF-SERVING Politicians, Kith, Kin and followers!!!???

Spartacus Friday, 01 December 2023 04:25 AM

The President's Fund is used for nefarious activities by Politicians to Politicians. Keheliya received full compensation from this fund despite obtaining huge sums from the Hotel he fell from the balcony and also his medical claim from Insurance.

Doubting Thomas Friday, 01 December 2023 06:36 AM

Transparency was always in doubt over these lotteries. Any printing press can print tickets with no detection. Even the lotteries board can print in excess. Who wins is hardly known.

Adwani Friday, 01 December 2023 07:00 AM

This is why Ravi Karuna took with him when he left Finance Ministry, while Gota transfered all the Treasury Amount to his personal Account and kept the Cheque Book in his pocket.

Bandu Friday, 01 December 2023 10:11 AM

Should not the Mahapola Scholarship Fund get the credit of the profits from DLB. Not the PF.

Lal Friday, 01 December 2023 05:42 PM

Oh.. What a fall my country men

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Lottery winner fails to claim Rs. 12 Mn within 6-month window

Comments - 7

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