Mar 11, 2017

CEB missing Rs. 11 billion Featured

The security deposit collected by consumers by the Ceylon Electricity Board (CEB) amounting to Rs. 11 billion is reportedly missing, it is reported.

According to the Electricity Act, an interest for the security deposit should be paid to the consumers.

On a prior occasion the electricity sector regulator, Public Utilities Commission of Sri Lanka (PUCSL) had said an interest of 7.3 percent should be paid to the consumers.

Many consumers too had demanded that the CEB pay them the interest due.

However, upon investigating into the deposit funds it was revealed that so far the authorities have failed to even come up with any information as to what happened to these funds or any account that these funds would have been saved in.

With the issue aggravating, as a solution certain parties of the CEB had suggested amending the Electricity Act and omitting the clause indicating that the consumers should be paid an interest for their security deposits.

Currently the CEB is incurring billions of rupees in losses and it is envisaged that by 2017 the CEB losses will soar to Rs. 52 billion.