Accumulated losses in NHDA exceeds Rs 20bn: COPE

20 October 2023 11:04 pm Views - {{hitsCtrl.values.hits}} 10 Bookmark

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Accumulated losses of the National Housing Development Authority (NHDA) have exceeded Rs. 20 billion while disparities have taken place since 2015, as revealed by the Committee on Public Enterprises (COPE) today.

The total losses at NHDA have been Rs. 5 billion during the last few years. Total loans that have to be collected are more than Rs. 10 billion. It was revealed that loans worth Rs. 10 billion have been disbursed in 2011 without any collateral.

The losses have occurred during the tenures of various ministers, even during the previous Yahapalana government.

It was further revealed that some 5,296 were recruited to the institution during the period from 2015 to 2019 while 2,148 had been from Hambantota District. Accordingly NHDA has been overstaffed until recently while an extra sum of Rs. 2,148 million has been spent for salaries as a result of an over-staffed situation. However, the trained staff of the institution has been removed as of now and only 167 are working at the moment.

NHDA was requested by COPE to come up with a report on recovery of loans within three months.

Meanwhile, it has also been found that construction of 98,000 houses has been halted due to the financial crisis. NHDA officials have informed COPE that a sum of Rs. 24 billion is needed to complete the constructions. NHDA had requested funds from the Finance Ministry to complete the construction. COPE also instructed NHDA to construct an online database on loans. An ultimatum was given for the NHDA to submit annual performance reports of the past years. Accordingly, the institution is expected to submit annual reports to the House before December 31 this year.

State Ministers Jagath Pushpakumara, Janaka Wakkumbura, MPs Rohitha Abeygunawardene, Eran Wickramaratne, Nimal Lansa, Nalin Bandara Jayamaha, S. M. Marikar, Jagath Kumara Sooriarachchi, Premnanth Dollawatta, Upul Mahendra Rajapaksa, M. Rameshwaran and Madura Vithanage participated in the COPE meeting. (Yohan Perera)

Comments - 10

First learn what is accounting Saturday, 21 October 2023 01:52 AM

Where the lost money has gone? Or wrong accounting principal or treatment.

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Sam Silva Saturday, 21 October 2023 02:12 AM

We are quite aware of the magnitude of the corruption in our country. So called cope spends so much time on tax payers money exposing them that something we all know but no action could be taken. After, everything goes under the carpet and life is back to normal. Is this is the way we eliminate corruption we wonder.

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Richard Saturday, 21 October 2023 07:28 AM

Who was responsible for the recruits to the institution during the period from 2015 to 2019 where 2,148 out of the 5,296 recruits (i.e. 40%) during the period being from just the Hambantota District? This level of skewed concentration of recruitment from a single district suggests something clearly awry. Needs to be thoroughly invetigated and the reponsible persons duly punished. Seems to be an use of public funds for personal political gains. Such persons who have squandered public funds should be banned from holding any public office for life. It wouldnt be surprising is the culprits get on platforms and scream their heads about corruption and misuse of public funds when the root of it it at their own door. They cannot be trusted with public office let alone any leadership of the country. It time to call out their bluff so that our people are not continued to be hoodwinked by offertories courtesy of the public purse.

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Amitha Saturday, 21 October 2023 07:38 AM

The downfall of NHDA started during Wimal's period.Then Sajith without studying the situation recruited people outside the Cader. The line ministry sectaries and the board is responsible for recruitment.

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Sambo Saturday, 21 October 2023 07:53 AM

Dear Sir!, what's the pointing in having these committees wasting public money and when the public hears of large scale wrong doings and no action taken what is the point in having these commissions.

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Unholy race to empty the coffers Saturday, 21 October 2023 08:20 AM

"Sixteen men on the dead man's chest, Yo ho ho and a bottle of rum" There seems to a rat race to see, who will empty the coffers of SL Treasury. In this race Mahinda Palanaya or Yahapalanaya does not matter, but the name Hambantota comes to the fore

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Jayantha Saturday, 21 October 2023 08:53 AM

Money wasted mainly by sajith recently. Good example of giving a ministry to a zero iintelligence person.

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sarath Saturday, 21 October 2023 09:15 AM

shut down that god damn place. Rs.20 B is tax payers money

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Citizen Saturday, 21 October 2023 02:26 PM

The solution is simple, find the ministry who are responsible during this period and fine them to recover this money or the ministers incharge during this period has to be punished for not doing their job and their MP status has to be removed. As they are not capable to do their job.

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Dee Monday, 23 October 2023 05:15 AM

Was it the short people for laborers and tall people for security recruitment drive?

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