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DCSL still waiting for Govt. to repay SLIC profits earned

Aug 16, 2011 3:46:06 PM - www.ft.lk

Distilleries Corporation is still waiting for the Government to pay back profits earned during DCSL Group’s tenure at the helm of SLIC
“With regard to Sri Lanka Insurance Corporation Ltd. (SLIC), we still await the payment of profits earned during DCSL Group’s tenure at the helm of SLIC,” DCSL Chairman Harry Jayawardena said in the Company’s 2010/11 Annual Report.

During the just concluded 2010/11 financial year, GOSL returned Rs. 5,716 mn that had been paid by Group Subsidiary Milford Holdings  (MHL) to purchase shares in SLIC.  “We are hopeful that the profits earned to be paid as per the Supreme Court directive will be reimbursed to us as soon as possible,” Jayawardena added.   
MHL was entitled to retain the profits of SLIC derived by MHL from 11 April 2003 to 4 June 2009 in lieu of the interest for the aforesaid investment. The Secretary to the Treasury was directed to cause profits of SLIC to be computed and audited from the date of the last audited Balance Sheet of SLIC to 4 June 2009 to enable MHL to obtain such profits. However, Secretary to the Treasury has not yet determined the value of profits to be retained by MHL.

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