Transferring funds from USD to LKR accounts a longstanding practice: SLC

• As the governing entity for cricket in Sri Lanka, SLC receives funds and  sponsorship income in USD,  intentionally kept in USD  accounts to leverage exchange rate fluctuations

In response to Sports Minister Roshan Ranasinghe’s claim that Sri Lanka Cricket was attempting to transfer USD 2 Million from its accounts, the SLC said they followed the practice of transferring funds from its USD account to its local currency (LKR) accounts and that it had been a longstanding practice.  

During the Parliamentary debate on SLC yesterday, the minister said the SLC was attempting to withdraw USD 2 million from the Bank of Ceylon Independence Square branch and requested the Speaker to intervene to stop such acts and to impound the passports of the SLC officials. 

 
While denying any attempt to transfer funds from its accounts to third party accounts, the SLC said in a statement that SLC does not derive significant income in local currency and that these transfers are solely for operational purposes and are not indicative of any attempt to transfer funds out of SLC’s accounts.  

As the governing entity for cricket in Sri Lanka, SLC receives funds and sponsorship income in USD, which are intentionally kept in our USD accounts to leverage exchange rate fluctuations.   

However, it is important to note that SLC needs to carry out its operations in Sri Lanka and fulfill financial obligations to stakeholders, including suppliers, on a regular basis.   
Any claims stating that SLC is trying to transfer funds out of its accounts are false and factually incorrect. The SLC said that SLC operates in accordance with the provisions of its constitution, which prohibits cash payments exceeding Rs. 10,000/-.   

Accordingly, and to clarify the misconceptions, we have taken steps to release a schedule to the Parliament and to the Ministry of pending payments, for which cheques have been issued to suppliers, stakeholders, and third parties who have provided services to SLC. The schedule covers the period from 17th August 2023 to 8th November 2023 and ensures that the necessary funds are available in our LKR account to fulfill these payments upon presentation to the bank, the SLC statement stated.   

•  we have taken steps to release a schedule to the Parliament and to the Ministry of pending payments, for which cheques have been issued to suppliers, stakeholders, and third parties who have provided services to SLC