NHDA defaults on Rs. 390 mn loan from President’s Fund

By Saman Indrajith

A sum of over Rs. 390 million due from the National Housing Development Authority to the President’s Fund has not been paid, the Auditor General says.

The Report of the Auditor General on the Accounts of the President’s Fund 2010 tabled in Parliament yesterday by Chief Government Whip Water Supply and Drainage Minister Dinesh Gunawardena said that the NHDA had obtained a loan facility amounting to Rs 195,000,000 from the President’s fund 14 years ago.

The report said: "According to a letter dated Nov. 10, 2010 of the Department of the Auditor General in connection with the recovery of the loan of Rs 195,000,000 about 14 years old, granted by the President’s Fund and accrued interest thereon amounting to Rs 169,656,164, it had been informed that the loan would be settled by the Ministry in charge of the subject with the assistance of the Ministry of Finance and Planning. Nevertheless, it had not been settled even by 31, March 2011."

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