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Sathosa to be closed down?

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The Ministry of Trade has reportedly decided to close down the state owned retail network ‘Sathosa’ and hand over its assets to the ministry, due to continuous losses over several years.

Minister of Trade – Nalin Fernando has said that a final decision on whether Sathosa will be liquidated will be taken after discussions with the Ministry of Finance.

He added that if it is decided to liquidate Sathosa, a decision regarding the chain’s staff will have to be taken after discussing with the Labour Ministry.

The minister has also said that much of the losses are from the transport division and from the buildings of the chain.

A similar decision was set to be executed in 2005, but was halted due to the stiff opposition raised by the Sathosa staff.

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Australia’s United Petroleum enters SL market

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Australia’s United Petroleum has entered into an agreement with the Sri Lankan government to supply petroleum products to the Sri Lankan market.

According to United Petroleum Lanka, Australia’s United Petroleum entered into the relevant agreement with Sri Lanka’s Ministry of Power and Energy on Feb 22.

Following the signing of the agreement, United Petroleum is assigned 150 existing fuel stations and also has the right to build 50 new fuel stations in Sri Lanka.

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4 SriLankan Airlines flights experience delays

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This morning, four SriLankan Airlines flights experienced delays as ground staff refrained from performing some of their duties, according to reports.

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SDB CEO announces resignation

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Sanasa Development Bank CEO Priyantha Talwatte has announced his resignation with effect from Feb. 20.

In a filing to the Colombo Stock Exchange, the SDB has said the Board accepted his resignation.

Talwatte joined SDB bank in November 2022 after resigning from Nations Trust Bank in April 2022 having served the institution for two decades.

Commanding over 30 years’ experience in banking Talwatte is an alumnus of Harvard Business School (AMP) Boston, USA.

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