Thirteen state ventures not answerable to AG

* Minister Amunugama tells Parliament:


by Saman Indrajith 

International Monetary Cooperation Senior Minister and Deputy Finance Minister Dr. Sarath Amunugama yesterday told Parliament that there were 13 State institutions which did not come under the scope of auditing by the Auditor General’s Department.

They are: Mihin Lanka (Pvt) Ltd, Naval and Aviation Information and Research Pvt Ltd., Polipto Lanka Pvt Ltd., Sri Lanka Thriposha Company, Rakna Securities Pvt. Ltd., Lanka Logistics and Technologies, Sri Lanka Savings Bank, Lankaputhra Development Bank, Sri Lanka Insurance Corporation Ltd., State Commercial (Cooperatives and Wholesale) Company, Lanka Sathosa, and Galoya Plantations Company.

Those companies came under the purview of the Public Enterprises Department and the Lanka Insurance Corporation had remitted a sum of Rs. 6,720 million to the Treasury as profits in 2011, the Minister said.

Of those 13 organisations, he said, the government had given Rs. 2,543 million to the Mihin Lanka by Dec. 31, 2011, but there had been no returns. He added that the total capital the government infused into that company on the said date stood at Rs. 3,004 million.

Minister Dr. Amunugama said that the government had given Rs. 700 million to the Lanka Sathosa. The total capital invested by the government is Lanka Sathosa stood at Rs. 70 million as at Dec. 31, 2011, the House was told.

Mihin Lanka had reported a loss of Rs. 1,966 million in 2011 while Sri Lanka Insurance reported a profit of Rs. 213 million for the same year, the Minister said.

He was responding to a question raised by UNP Colombo District MP Ravi Karunanayake.

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