NAVIGATE
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No Treasury rep on UL board



By Rathindra Kuruwita


A representative of the Treasury was not on the board of directors at SriLankan Airlines, after the departure of Emirates to look after the interest of the government, the main shareholder of the institution , it was revealed at the Presidential Commission of Inquiry (PCoI) on irregularities at SriLankan Airlines, SriLankan Catering and Mihin Lanka yesterday.


Yasantha Dissanayake, Head of Financial Management at SriLankan told the PCoI that Sri Lankan government was the main shareholder of the airline, and it currently owns 99% of the shares. However after PB Jayasundara, who was the Treasury Secretary, was the Chairperson of SriLankan under the Emirates management, no one else had represented the Treasury has been in the SriLankan Board.


Government had directly pumped Rs. 46.6 billion into the airline since 2012, he said.


Dissanayake added that the airline had made a profit of Rs. 568 million in the2006/2007 financial year and Rs. 4.4 billion in 2007/2008.


However it has been making losses since the exit of Emirates. In 2008/09 financial year, airline made a loss of Rs. 9.3 billion, under the Chairmanship of Nishantha Wickramasinghe. The CEO was Manoj Gunawardena. The loss was Rs. 2.69 billion in 2009/10 financial year and it dropped to Rs. 381 million in 2010/11 financial year. However in 2011/12 financial year, after Kapila Chandrasena took over the CEO post, the loss increased to Rs 19.6 billion. The loss was Rs. 21.7 billion in 2012/13 financial year, it increased Rs. 32.4 billion in the 2013/14 financial year, Dissanayake said referring to the documents.


The losses rose to Rs. 16.4 billion in the 2014/15 financial year, Rs 12.6 billion in the 2015/16 financial year, and Rs. 28.9 billion in 2016/17.


 


 
 
 
 
 
 
 
 
 
 
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