COPE calls for CID probe into irregularities at SL Export Credit Insurance Corp.

The Committee on Public Enterprises (COPE) has instructed the Chairman of the Sri Lanka Export Credit Insurance Corporation to obtain CID assistance to investigate the loss of important documents at the institution.

The Committee also recommended the Finance Ministry to appoint an independent committee, consisting of the Ministry’s Internal Auditor, and to submit a report, regarding the financial irregularities of the Corporation, within three weeks.

The Committee also recommended the Ministry of Finance to conduct a separate investigation regarding the actions of the General Manager of the institution and report to the Committee before April 18.The Committee also expressed its absolute displeasure over management and structural irregularities at the Corporation when the Committee was examining the Auditor General’s Reports of the years 2019 and 2020 and the current performance of the institute.

Head of the COPE, Ranjith Bandara said that this was the first time, in a decade, that the Sri Lanka Export Credit Insurance Corporation, which is established to promote and develop international trade and to support and protect exporters, banks, importers and other financial institutions, has appeared before COPE.

The Committee on Public Enterprises highlighted the failure of the Sri Lanka Export Credit Insurance Corporation to table Annual Reports and expressed displeasure over the lack of assistance provided to the Auditor General.

The Committee questioned the General Manager of the institution as to why a corporate plan was not prepared for 10 years and on what basis the institution operated in the absence of a corporate plan. Accordingly, the Committee instructed the officials present to take immediate measures to present a corporate plan, as soon as possible.

Moreover, COPE also inquired as to why five main positions of the director board, including director – finance remain vacant. While strongly condemning the actions of the General Manager in steering the institution, COPE emphasized that the neglect and inaction of the respective officials have resulted in the failure of reaching the set objectives of the institution. Therefore, the COPE chair recommended that the board vacancies be filled with immediate effect to ensure stability and proper institutional mechanism.

The COPE chair also criticized the Corporation for not being accountable to the Parliament, to the Auditor General and the Committee on Public Enterprises.COPE also noted that a number of documents have been misplaced and that this was a serious development.

State Ministers Jagath Pushpakumara, Janaka Wakkumbura, Lohan Ratwatte, Indika Anuruddha Herath, Members of Parliament, Mahindananda Aluthgamage, Rohitha Abegunawardhana, Eran Wickramaratne, Nimal Lanza, S. M. M. Muszhaaraff, Rohini Kumari Wijerathna, Chaminda Wijesiri, Sanjeeva Edirimanna, Jagath Kumara Sumithraarachchi, (Major) Sudarshana Denipitiya, Premnath C. Dolawatte, Upul Mahendra Rajapaksha, M. Rameshwaran, Shanakiyan Rasamanickam, Rajika Wickramasinghe, Madhura Withanage, were present at the Committee meeting held.