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Mass Media Minister promises to probe ITN losses since 2016

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By Saman Indrajith

Mass Media Minister Keheliya Rambukwella told Parliament yesterday that the Independent Television Network had been a loss-making institute since 2016.

Responding to a question raised by SJB Ratnapura District MP Hesha Withanage, the Minister said that there had been reports on various malpractices at the ITN and allegations would be investigated and legal action taken against those responsible for turning the institute into a loss-making enterprise.

The Minister said that the ITN made profits of Rs 495.32 million in 2010, Rs 682 million in 2011, Rs 799 million in 2012, Rs 847.24 million in 2014, Rs 638 million in 2015. However, since 2016 the institution had been making losses. The ITN made losses to the tune of Rs 69 million in 2016, Rs 287.25 million in 2017, Rs 622 million in 2018 and Rs 597 million in 2019. In 2020, the ITN had suffered a loss of Rs 320 million, the Minister said.

Since 2015, the ITN had recruited 139 employees and their names, addresses and educational qualifications would be tabled in Parliament, the Minister said.

Minister Rambukwella said that up to 2015 the ITN had been earning profits and as at the end of that year it had Rs 2.7 billion in its fixed deposit. In 2014, the ITN had been able to give bonus to 694 employees. But owing to mismanagement and irregularities the ITN had now accumulated debts to the tune of Rs 500 million. The ITN had continuously obtained funds from the Treasury to maintain its services for the past five years. During that period the ITN had recruited 13 consultants and seven Chairmen.

The incumbent management had taken action to bring in resource persons without considering their political backgrounds, the Minister said.



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CEBEU guns for ex-Chairman Ferdinando

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by Ifham Nizam

The Ceylon Electricity Board Engineers Union (CEBEU) Friday  said that they are in the process of collecting evidence against former Ceylon Electricity Board Chairman M.M.C. Ferdinando over the recent statement he made on a proposed power project with India.

A senior engineer said that there is a high possibility that the seasoned civil servant dragged President Gotabaya Rajapaksa to disrepute because he didn’t see eye to eye with the President.

Eng. Isuru Kasthuriratne, a committee member of the CEBEU and Project Engineer – Mannar Wind Power Project of the Board said they would never allow former chairman to get away easily.

“There are always controversies about him. We would not let this case go. We are in touch with all bodies,” he said.

Kasthuriratne said that very relevant documents were authored and authorized by the former chairman and “he cannot simply say he is not aware of this and that.”

Ferdinando on June 11, tendered his resignation following the controversy he sparked over the planned 500 MW unsolicited wind power project here by India’s Adani group.

“The Adani group at first proposed to sell power to the CEB at 6.50 US cents per unit,” CEBEU President Anil Ranjith told journalists recently.

Despite numerous attempts, the former CEB chairman was not available for comment.

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Dilshan Wirasekara, new CSE Chairman

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The Colombo Stock Exchange (CSE) announced the appointment of Dilshan Wirasekara as the Chairman of the Board of Directors of the CSE with effect from Friday (24).

Wirasekara has served on the Board of the CSE since 21st November 2017 and succeeds Dumith Fernando, who steps down as the Chairman after completing his two-year tenure.

Wirasekara is the Director/Chief Executive Officer of one of the leading investment banking firms, First Capital Holdings PLC, offering a diverse range of financial services in Government Securities, Corporate Finance and Advisory, Asset Management and Stock Brokering, which he has been part of since 2013.

He currently is the chairman of the Investment Subcommittee of the CSE and also serves on the Risk and Audit Committee of the CSE as well as the CSE/SEC joint committees on Digitalization and the Central Counter Party System (CCP).

An Investment banker by profession with a career spanning over 26 years, comprising diversified expertise in financial services, including banking, treasury and investment management, capital market strategy, and corporate finance advisory services.

Wirasekara specializes in Asset and Liability Risk Management, having secured the accolade of leading and representing two Sri Lankan companies in winning the International Bank Asset and Liability competition organized annually by the Netherlands Development Finance Company (FMO), German Investment Corporation (DEG), and Proparco – a subsidiary of the Agence Française de Development (AFD).

Wirasekara is an alumnus of INSEAD, having completed his Executive Professional Education at INSEAD Business School in Fontainebleau, France. He is also an alumnus of AOTS, Tokyo, Japan.

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NCE on Govt’s focus on directing public servants to private sector employment

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National Chamber of Exporters has given the a proposal to the Prime Minister and copied it to the Ministry of Public Administration, Home Affairs, Provincial Councils and Local Government on providing employment opportunities to government servants in the private sector companies for a specified period.

The Chamber said in a release: Through Media sources we got to know that The Ministry of Public Administration has appointed a committee to look into the possibility of granting five years of leave to government employees to work in the private sector.

Its states that a seven-member committee has been appointed for this purpose and that the said committee is to submit its report to the Cabinet of Ministers within two weeks.

Sri Lankan exporters are proposing to absorb public sector employees for employment in the sector to relieve the burden of wages and related costs on the Government.

The Export Sector has been able to sustain business and has also reached the pre pandemic level of an average of USD.01 billion export revenue during the period January to April 2022. Before the dawn of the pandemic, exporters were facing difficulties with lack of skilled workers. However, during the pandemic, many exporters were compelled to downsize operations and lay off employees which has created a vacuum in crucial areas of operations.

In current scenario, considering the financial burden and the reportedly excessive workforce attached to the public sector, NCE member exporters are proposing following options in reaching a win-win agreement for both government and the export sector. It is to be noted that labour requirements of exporters vary according to the relevant industry, yet in general all categories could be considered.

1. Any government employee in the permanent carder is eligible to apply for employment in the export sector, excluding from following institutions as they are involved in law enforcement in the country which may lead to conflict of interests.

a) Department of Police

b) Department of Inland Revenue

c) Department of Customs

d) Department of Excise

 2.Government to grant unpaid leave up to a maximum of 59 months.

 3.Employer will offer a “Temporary Labour Contract “to such selected individuals which include: –

 a) Period of contract for 59 months (because on completion of the 60th month, the employee will be eligible for Gratuity.)

b) Their employment will be in accordance with the laws and statutes under which the respective private sector company’s  employees of similar cadre is employed.

c) Leave entitlement as per employer’s policy on leave

d) Employment contract can be terminated with either party giving 30 days’ written notice.

e) In case of maternity leave, a number of stipulated days will be available as unpaid leave.

f)  At the end of 59 months, the government to absorb such individuals back to the public sector employment as per pertinent rules and regulations.

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