News

Mountain of debt at Fisheries Ministry

Published

6 months ago

January 13, 2025

editor

Several affiliated institutions under the Fisheries Ministry have accumulated a total of Rs. 2.38 billion as legally bound payments and liabilities to various institutions and are currently facing a debt crisis, Ministry sources said.

It is reported that a severe crisis has arisen in those institutions due to the huge amount of debt that exists at the moment.

This staggering debt is owed by affiliated institutions of the Ministry such as the National Aquaculture Development Authority (NAQDA), National Aquatic Resources Research and Development Agency (NARA), Ceylon Fisheries Corporation, Ceylon Fishery Harbours Corporation, Cey-Nor Foundation Limited, North Sea Limited and the Peliyagoda Central Fish Market Complex.

The debts should be paid to commercial banks, the Finance Ministry, and several other institutions as of October 31, 2024, according to a Ministry report. According to the report, NAQDA’s outstanding credit as of October 31, last year was Rs. 106.54 million and the amount of legal payments and liabilities including tender deposits, money given for welfare to be settled to the Finance Ministry and withholding money to be paid is Rs. 28.79 million.

The balance of scheduled payments including EPF and ETF to be paid by Ceylon Fishery Harbours Corporation is Rs 53.36 million.

According to this report, the largest number of legal payments and liabilities is under the Ceylon Fisheries Corporation. The arrears due under the EPF and ETF is Rs.668.7 million.

The Employee Gratuity payable is Rs.25 million. The loan amount obtained from commercial banks is Rs. 158 million. There is also a bank overdraft of Rs. 64 million. The total legal dues and liabilities of the Corporation is close to Rs. 1,530 million.

The Cey-Nor Foundation Limited has accumulated debt to the amount of Rs. 73.72 million and the total amount of liabilities of North Sea Limited is Rs. 114.19 million, including the loan amount of Rs. 152.05 million received from commercial banks and the amount of legal payments is Rs. 525.37 million.

Also the Peliyagoda fish market has taken a loan of Rs. 56.34 million from a commercial bank.

Commenting on this matter, Fisheries, Aquatic and Marine Resources Deputy Minister Rathna Gamage pointed out that the previous governments has left a mountain of debt at the Fisheries Ministry.

The Deputy Minister emphasised that the Fisheries Ministry owes a huge amount of debt to a number of institutions and that the debt handed over by the previous governments is like a garbage dump.

The Deputy Minister said that this mountain of debt will be cleared with a proper plan.

(dailynews.lk)

(This story, originally published by News1st has not been edited by SLM staff)

News

Harley Davidsons found in Bird Park hideout

Published

6 hours ago

July 13, 2025

editor

Some twenty illegally imported high-end, high-capacity motorcycles—including eight Harley-Davidsons—were recovered during a raid conducted by the Central Anti-Corruption Task Force at a warehouse inside Bird Park, Hambantota.

Police said investigations are continuing to determine who owned the bikes and why they were hidden in the warehouse.

News

Navy nabs 4 suspects with smuggled spices, medicine & cosmetics

Published

11 hours ago

July 13, 2025

editor

During a search operation conducted in the beach vicinity of Devils Point, Kilinochchi on 11 July 25, the Navy took hold of a stock of spices, medicine and cosmetic products which have been made ready for distribution.

The operation also led to the apprehension of 04 suspects and 02 cabs.

The operation was mounted by SLNS Buwaneka in the North Central Naval Command in Loggannawadi, Devils Point.

After searching 02 suspicious cabs in the locality, naval personnel recovered 300kg of cardamom, 260kg of turmeric powder, 273kg of dried ginger as well as medicine and cosmetic products loaded in the vehicles.

And also, 04 suspects in connection to the incident were also taken into naval custody.

The suspects detained by the Navy in this operation have been identified as residents of Erakkandi, Kalmunaikudi, Trincomalee and Puttalam, aged between 39 and 49.

The suspects together with the vehicles and seized items were handed over to the Customs Preventive Office in Katunayake for onward legal action.

News

China, Sri Lanka agree to speed up FTA negotiations

Published

12 hours ago

July 13, 2025

editor

Chinese Foreign Minister Wang Yi yesterday called upon his Sri Lankan counterpart Vijitha Herath to expedite the finalisation of the China-Sri Lanka Free Trade Agreement (FTA).

Minister Yi was speaking during a bilateral meeting in Kuala Lumpur, Malaysia, where the two sides vowed to deepen their strategic cooperative partnership and enhance practical cooperation.

A China-Sri Lanka FTA, which has been under discussion for some time, is likely to boost two-way trade and also address the imbalance in the trade figures.

Minister Yi also called on both sides to deepen high-quality Belt and Road (BRI) cooperation, jointly implement the two flagship projects – the Colombo Port City and the Hambantota Port, and create new growth points for cooperation in fields such as Green Energy, Digital Economy, modern agriculture and maritime (Blue) economy.

Talking specifically on cooperation in the maritime domain, Minister Yi said such cooperation is mutually beneficial, adding that it does not target any third party and should not be interfered with by any third party.

The Chinese Foreign Minister said the so-called “Indo-Pacific Strategy” pursued by certain parties provokes confrontation and coerces all parties to take sides, which is not in line with the trend of the times and will not be supported by regional countries.

Wang said China is ready to work with Sri Lanka to push the development of the strategic cooperative partnership featuring mutual assistance and ever-lasting friendship between the two countries.

Minister Herath said Sri Lanka attaches great importance to its relations with China, and firmly adheres to the “One China” principle.

Minister Herath said that bilateral cooperation has brought tangible benefits to Sri Lankans and promoted the development and connectivity of the region.

Sri Lanka will enhance practical cooperation with China in areas including trade and investment, infrastructure and ocean, and further deepen the two countries’ strategic cooperative partnership in a number of sectors.

Source – sundayobserver.lk / Xinhua