News
Mahapola Scholarship Trust Fund suffers staggering losses due to irregularities
COPE Chairman Charitha Herath, MP (second from left) is flanked by officials (pic courtesy Parliament)
COPE PROBE
By Saman Indrajith
A probe conducted by the parliament watchdog Committee on Public Enterprises (COPE) has found that the Mahapola Higher Education Scholarship Trust fund incurred a loss of Rs. 673 million from an online lottery, Parliament sources said yesterday.
It was revealed that Rs 673 million had been earned by an intermediary, who sold the lotteries but did not return the proceeds to the Mahapola Trust Fund.
In addition, due to insufficient capital gains on securities transactions of companies under the Mahapola Trust Fund, in 2015 and 2016 Rs. 18 million and Rs. 102 million were lost respectively. It was also revealed that a loss of Rs. 13 million had been incurred during the repurchases made using investments in National Wealth Corporation in 2017. The COPE stressed that these irregularities had caused huge losses to the Fund.
COPE Chairman Prof Charitha Herath instructed Secretary to the Ministry of Trade JM Bhadrani Jayawardena to inform the Attorney General of the losses and irregularities and lodge a complaint with the Criminal Investigation Department.
The COPE investigation conducted at the Parliamentary complex last week was attended by State Ministers Susil Premajayanth, Dr. Nalaka Godahewa, MPs Eran Wickramaratne, Nalin Bandara Jayamaha, Premnath C.Dolawatta and S. M. Marikkar.
The committee also recommended a proper study on the irregularities with regard to the National Wealth Corporation and the National Wealth Securities Corporation, under the Mahapola Trust Fund and ordered that the heads of the institutions be summoned before the COPE forthwith.
The officials who attended the investigation told the committee that the Cabinet had approved the liquidation of those institutions as they were running at a loss. Commenting on this, COPE Chairman Prof. Charitha Herath said that although it would not be a problem to liquidate after punishing the culprits, it would not be appropriate to liquidate those institutions without proper investigation into frauds.
COPE Chairman Herath said that the liquidation should be delayed until those irregularities were properly investigated.
The current situation of the Sri Lanka Institute of Information Technology (SLIIT) was also discussed. The committee expressed its displeasure at the fact that even though the SLIIT had been summoned before the Committee it had informed the COPE through Julius & Creasy law firm that it had not been legally bound to do so. Thus, the COPE decided that law firm Julius & Creasy should be summoned to resolve the matter.
The COPE Committee further recommended that as SLIIT was an institution of national importance, after preparing an internal report as an extension of the discussion on that institution and reporting it to Parliament, it would be appropriate to decide on the action to be taken in that regard.
Further, it was revealed that the institution did not have an internal auditor and an accountant. The COPE Committee recommended that action be taken to fill the vacancy as soon as possible, according to sources.
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
