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FINANCIAL CHRONICLE™ » FUN CHRONICLE™ » Sri Lanka cricket body has Rs3bn hole in balance sheet

Sri Lanka cricket body has Rs3bn hole in balance sheet

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CSE.SAS

CSE.SAS
Global Moderator

Sri Lanka Cricket, the islands' governing board for the sport where state intervention has increased over the years, has a three billion rupee hole in its balance sheet, a parliamentary committee on state enterprises has found

A report by a committee on public enterprises (COPE) said SLC had 6.1 billion rupees in debts and only 3.1 billion rupees in assets.

It was not mentioned whether a going concern caution was raised by auditors but the sports body had not provided some information requested by the state auditor general, the report said.

It had also sought a loan from state-run Bank of Ceylon.

The cricket board was expecting a payment from the International Cricket Association, provided audited accounts are forwarded, the committee had been told.

The cricket board had built a stadium in Hambantota in Southern Sri Lanka through state-run Sri Lanka Ports Authority. The reason given was that the port agency "has the necessary equipment for the construction work," the report said.

Though construction costs for three grounds in Hambantota, Pallekelle and Khettarama had been 3.3 billion rupees the total spending has escalated to 7.18 billion rupees.

The parliamentary committee had also expressed dissatisfaction at the award of television rights to a firm in which the secretary of the cricket board was the chief executive officer, the report said.

The committee had queried plans to increase the cadre to 727 by 2013 from 267 and had noted that 47 employees hired in 2010 had "did not have the basic qualifications and experienced" relevant to the posts.

http://www.lbo.lk/fullstory.php?nid=1015586901

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