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Financial crisis
By Sandun A. Jayasekera
The state owned Sri Lanka Rupavahini Corporation (SLRC) is facing a severe financial crisis with its annual profits dropping to a mere Rs. 4.7 million in 2009 from a satisfactory Rs. 137 million in 2006, the Auditor General’s Department, the Treasury and COPE sources revealed.
A confidential report sent to the Parliamentary Committee on Public Enterprises (COPE) by Treasury Secretary Dr. P.B.Jayasundara on the performance of the SLRC from 2005 to 2009 says that the SLRC has not submitted an updated corporate plan for 2010.
The report draws the attention of the government to put the SLRC in order adding that there has been erosion in the performance of the SLRC management in terms of recruitment and financial management.
The Auditor General in his observation on the performance of the SLRC in the year 2005 to 2008 has highlighted that the SLRC has failed to comply with the Sri Lanka accounting standards and policies in preparing its financial statements.
Meanwhile, a COPE source told Daily Mirror that Chairman, Prison Reforms and Rehabilitation Minister D.E.W. Gunasekara has decided to go to the bottom of the woes of the SLRC and summon all those responsible for the present predicament.
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