Parliamentary Committee on Public Enterprises (COPE) releasing another report that analyzed 249 state-owned enterprises revealed a loss, which exceeds Rs.19 billion accumulated during the three year period from 2007 till 2009.
According to COPE Chairman Minister of Human Resources D. E.W. Gunasekara, these losses were incurred mainly due to “appointing of unqualified people to top management posts on political grounds and the lack of financial and administrative disciplines”. Speaking to The Sunday Leader, Minister Gunasekara stated that COPE findings will be tabled in due course along with its recommendations to the Parliament for necessary action.
Parallely with the COPE report, the Department of Public Enterprises also published its findings in a performance report, which is not in the public domain giving a better view on 81 state corporations and some other fully state owned companies. A turnover of Rs. 954 billion, which is equivalent to the recurrent expenditure of the national budget whilst the total turnover of the top five enterprises – Ceylon Electricity Board (CEB), Ceylon Petroleum Corporation (CPC), Sri Lanka Ports Authority, Bank of Ceylon, and Peoples Bank at Rs. 584.4 billion exceeds the total turnover of all the 245 companies listed on the Colombo Stock Exchange at Rs. 570.3 billion, according to Department of Public Enterprises.
Read full article: http://www.thesundayleader.lk/2011/11/20/state-owned-loss-makers-still-at-large/
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