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Lanka Sathosa suffers Rs.600mn in 2022

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The loss of Lanka Sathosa in 2022 is close to Rs.600 million and the total loss by December 31, 2021 is close to Rs.15 billion, it was disclosed during a Committee on Public Enterprises (COPE) meeting.

It was discussed at the meeting held on June 22 under the chairmanship of MP Ranjith Bandara that Lanka Sathosa has suffered a colossal loss of 6 billion rupees due to the importation of rice through the institution during 2014-2015,

The imported rice has been sold for animal feed due to expiry.

A report has been prepared by the Auditor General regarding this incident and thus it was decided at the Committee to discuss this matter in the future.

Although there are 21 internal auditor staff of Sathosa, only three audit queries have been submitted for the year 2021 and none for the year 2022.

Moreover, attention was drawn to the auditor’s difficulty in obtaining information regarding the company’s accounts.

Accordingly, the Auditor General also informed that the Internal Audit Department should be notified in this regard through an internal circular.

It was revealed that there are 1,123 employee vacancies in the institution and the Auditor General pointed out the need for a re-evaluation before filling these employee vacancies.

Attention was drawn towards the fact that a concrete plan for 2021-24 was in place but it was not approved by the Ministry.

Accordingly, the Committee Chair informed the officials to prepare a comprehensive plan up until 2028 and report on its activities within 2 months followed by an action plan.

It was discussed in the Committee that instead of importing and selling goods, Lanka Sathosa has missed the opportunity to sell goods at a lower price to the customer and gain more profit for the company by buying and selling goods from the Pettah.

It was also decided to re-summon Lanka Sathosa on August 22.

Entertainment

Court order issued against ‘Eh Yaye’ song

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The Commercial High Court has issued an interim injunction order, preventing popular artistes Romaine Willis and Mass Ramli Miskin (DJ Mass) from performing, reproducing and distributing the song ‘Eh Yaye’.

Colombo Commercial High Court Judge Priyantha Fernando issued the order after the Plaint filed under the Intellectual Property Act by popular singer Corrine Almeida.

The case also alleges that the musical composition and the lyrics of the song ‘Eh Yaye’ were substantially similar to the song ‘Api Natamu’.

Naming Willis and DJ Mass as defendants,  the plaintiff Corrine Almeida had also stated that she is the owner of the copyright and economic rights to the musical composition and lyrics of her song titled “Api Natamu”.

The plaintiff instituted action in terms of the Intellectual Property Act, No. 36 of 2003 alleging that the musical composition and the lyrics of ‘Eh Yaye’ were substantially similar to the ‘Api Natamu’ song.

(Source : Dailymirror.lk)

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Rains expected in several areas today

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Several spells of showers will occur in the Western, Sabaragamuwa and North-western provinces and in the Nuwara-Eliya, Kandy, Galle and Matara districts today (July 02), the Department of Meteorology said.

A few showers may occur in the Jaffna and Mannar districts.

Fairly strong winds of about 30-40kmph can be expected at times over the Western slopes of the central hills and in the Northern, North-central and North-western provinces and in the Trincomalee and Hambantota districts.

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IMF Executive Board approves Sri Lanka’s 4th review

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The Executive Board of the International Monetary Fund (IMF) completed the Fourth review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw about US$350 million, said Evan Papageorgiou, IMF Mission Chief for Sri Lanka.

This brings the total IMF financial support disbursed so far to about US$1.74 billion.

“The EFF arrangement for Sri Lanka was approved by the Executive Board on March 20, 2023 in an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion). The program supports Sri Lanka’s efforts to durably restore macroeconomic stability by (i) restoring fiscal and debt sustainability while protecting the vulnerable, (ii) safeguarding price and financial sector stability, (iii) rebuilding external buffers, (iv) strengthening governance and reducing corruption vulnerabilities, and (v) enhancing growth-oriented structural reforms.”

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