Connect with us

News

Over Rs 3.3 bn wasted: BoI unions urge govt. to act on COPE revelations

Published

on

COPE session in progress (pic courtesy Parliament)

SLPP, SJB and UNP workers unite

The government cannot turn a blind eye to the Committee on Public Enterprises (COPE) disclosure of waste, corruption and irregularities at Sri Lanka’s premier investment agency, trade union sources say.

The Communication Department of Parliament Thursday afternoon issued a damning report on the Board of Investment (BoI) following a meeting the parliamentary watchdog committee had with the BOI’s top management headed by its Chairman Sanjaya Mohottala on the same day.

The COPE underscored the urgent need to take remedial measures, a senior spokesperson for the Progressive Workers’ Union Commercial and Industrial Services told The Island yesterday (12).

In spite of making representations to the government at the highest level, the union affiliated to the Sri Lanka Podujana Peramuna (SLPP) couldn’t prompt immediate intervention, the union official said.

According to him, altogether six trade unions including those affiliated to the SLPP, Samagi Jana Balavegaya (SJB) and the United National Party (UNP) have pledged their support at a meeting held on Sept 19.

The BoI comes under President Gotabaya Rajapaksa whereas State Minister D.V. Chanaka is responsible for site development.

Trade Unions representing the BoI recently discussed ways and means to address the embarrassing profligacy at the state agency, relating to various projects, sources said. The COPE exposure couldn’t have come at a better time, they said.

The trade union collective called for urgent intervention pointing out that the all-party group chaired by Prof. Charitha Herath, also of the SLPP questioned the rationale in the BOI decisions to spend over Rs 3 bn on two Export Processing Zones (EPZs) at Milleniya and Bingiriya, under controversial circumstances.

COPE should act on its findings, the trade unions said, urging political parties represented in the watchdog committee to push for remedial measures, the trade union collective said. However, they expressed concern over the government ignoring the important Parliamentary Committee’s findings.

Trade unions said that the report issued by the Communications Department of the Parliament hadn’t dealt with some crucial matters, though from time to time they took up contentious issues with the government. Referring to the recent recruitment of 29 management level persons at a much higher salary scale at a monthly cost of Rs 20 mn and allocation of about Rs. 76 mn to refurbish available offices at the World Trade Centre for the newcomers’ use, trade unions alleged even the basic infrastructure development and repairs had been neglected.

The trade unions also questioned the outsourcing of work currently undertaken by the BoI to outsiders at a very heavy cost to the state enterprise. As part of their overall strategy, the unions have launched a campaign to educate the BoI workers of the developments and what they alleged were attempts to enter into agreements with private organisations for the benefit of the latter.

Trade unions pointed out that unlike many other state enterprises, the BoI hadn’t asked for Treasury assistance as it was financially stable. But, relentless and reckless spending could cause a catastrophe, trade unions said, calling for urgent action.

They also alleged manipulation of the cabinet of ministers by those managing the BoI now.



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Report on the Final Budgetary Condition (Annual Report) – 2025 submited to parliament

Published

on

By

As per the provisions of section 51 of the Public Finance Managaement Act No. 44 of 2024, the public should be issued with a report on the final budgetary situation for each year and, the report is then published in the official website of the Ministry of Finance, Planning and Economic Development.

Thereby the report has to be submitted to the Parliament. The final budgetary situation report (Annual Report) – 2025 has been prepared by the Ministry of Finance, Planning and Economic Development and published. The report contains the Public Finance Policy, strategies and challenges, economic trends in 2025, macro – economic and socio – economic indicators covering all sectors of the economy as well as description on the global economic growth.

Furthermore, it accompanies a detailed description government revenue and expenditure, cash flow management, financing the budget deficit and the loan structure.

Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to submit the Report on the Final Budgetary Condition (Annual Report) – 2025 to Parliament.

Continue Reading

Business

Cabinet nod to accept increased Loan Grant provided by the Asian Development Bank under Policy Based Loan Facilities – 2026

Published

on

By

Approval of the Cabinet of Ministers was granted at their meeting held on 16.03.2026 to obtain United States Dollars 380 million from the policy – based loan facilities of the Asian Development Bank in the year 2026.

United States Dollars 100 million out of it is allocated for Trade, Investment and Industries Development Programme – Sub Programme 1. However, amidst the economic uncertainty resulting from the current Middle East crisis and the climatic tragedies, the Asian Development Bank has agreed to assist
by increasing a supplementary financing package of United States Dollars 100 million so that it will beMincreased up to United States Dollars 200 million.

Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to take further measures to obtain the said loan grant.

Continue Reading

News

Submission of Revenue Protection Order Prepared under the Provisions of the Revenue Protection Act No. 19 of 1962 to the Parliament for its approval.

Published

on

By

Approval of the Cabinet of Ministers was given at the meeting held on 23.02.2026 to impose the custom import duty amounts under four (04) categories as 0%, 10%, 20%, and 30% which had been executed only under three (03) categories in order to increase the target export income of the country, to execute the
recommendations of the national customs duty policies committee, and to implement new national sub division customs codes for promoting the local agricultural and industrial sector.

Imposing provisions in relation to the above, the Revenue Protection Order – No. 01/2026 under the Revenue Protection Act No. 19 of 1962 has been published in the extraordinary gazette notification No. 2478/03 of 03.03.2026.

Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to submit the said revenue protection order to Parliament for its concurrence.

Continue Reading

Trending