Politically motivated groups and rival interests are working together in a conspiratorial bid to destabilise LTL Holdings, senior members of the company’s staff trade union charged on Sunday, dismissing recent allegations against the firm as part of a coordinated smear campaign.

Addressing a media briefing in Colombo, Lanka Transformers Company Limited Staff Trade Union Secretary Kithsiri Egodawatte said politically aligned actors and competing institutions were behind a group “falsely claiming to represent LTL employees,” asserting that none of those individuals had any connection to the company.

Egodawatte said those factions were attempting to tarnish the company’s reputation and undermine an institution that had contributed significantly to the national economy and continued to generate strong dividends. He accused the groups behind the “Let’s Save LTL from Robbers” campaign of spreading deliberate misinformation in an attempt to fracture the institution.

He stressed that LTL Holdings had never resisted audits and fully respected the Auditor General’s constitutional authority. However, he noted that even the Committee on Public Enterprises (COPE) had acknowledged that current audit guidelines could hamper the company’s operations by slowing procurement, limiting its ability to retain skilled staff, and exposing it to undue political interference. Such constraints, he warned, could erode the company’s competitiveness against Chinese, Indian and Korean engineering firms operating locally and overseas.

“Most of our work is governed by commercial contracts,” Egodawatte said. “If we are forced to operate strictly under State Enterprise Guidelines without the flexibility needed for global competition, we risk becoming yet another loss-making entity that burdens taxpayers.”

He also alleged that individuals who had only worked temporarily on LTL projects were now circulating unfounded claims, with political groups and competitors continually striving to hinder the company’s progress. Rejecting accusations that LTL relied on CEB-related contracts for profits, he said 67% of the 2024/25 revenue was earned overseas, underscoring its global reach.

Trade union member M. Anandavel told the briefing that conspirators had filed numerous court cases against the company, most of which had either been dismissed or withdrawn due to lack of evidence. He also debunked assertions from 15 individuals claiming to own 75% of LTL Holdings, clarifying that no employee held shares in the parent company; instead, staff held shares only in subsidiary entities Teckpro Investments Limited and Peradev Limited.

Anandavel called for continued public support to strengthen LTL Holdings as a wholly Sri Lankan engineering powerhouse recognised internationally for its technical expertise, urging those with genuine concerns to pursue legal avenues rather than fuel propaganda campaigns.

Mechanical Engineer and union member Nilupa Madusankha said that the company’s commitment to transparency, professionalism and its ongoing contribution to the national economy.