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AG Raises Concerns Over Two State Ventures

Sep 27, 2011 7:32:44 AM - thesundayleader.lk

The Auditor General has raised concerns over the financial irregularities, operating inefficiencies and underutilized assets of two state enterprises.

A report by the Auditor General has reportedly stated that the irregularities, inefficiencies and under utilization of assets had cost Rs. 500 million to the Development Lotteries Board and Colombo Commercial Fertilizer Ltd.

The Development Lotteries Board had spent Rs. 28 million in 2009 and Rs. 22 million in 2010 for a lottery that was held up last year.

The Auditor General has stated that 11 items of stocks valued at over one million rupees had remained in stores for the past several years, the Board had also failed to verify reasons for the purchase of 294 gas cookers, 70 electric rice cookers and 481 sales covers.

Also, a stock of lottery tickets valued at Rs. 8.4 million had also been unutilized and the studio valued at Rs.16 million and another building valued at Rs. 5.8 million have been left idling throughout the year.

As for theColomboFertilizer Company Ltd., the Auditor General has stated that the company had failed to institute legal action to recover Rs. 25 million from debtors for five years.

A cheque valued at Rs. 228,085 had been dishonored on March 23, 2010 since the Company had failed to bank it on the due date.

The Company, according to the Auditor General was suffering due to management inefficiencies.