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management of Sri Lanka Insurance has not accounted for over Rs. 900 million, the Trade Unions alleged yesterday.
They say that this huge financial irregularity has been highlighted and forwarded to President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe for remedial action.
Committee Member of Sri Lanka Insurance Reinstating Organization, R. S. Nandalal speaking to Daily News business said that under the previous management Rs. 200 million was paid to a company in UAE to obtain reinsurance, but this company SZC at PO Box 10559 in Rakstzak, UAE, does not exist in that address.
This proves that the previous management has taken a grave risk and has pocketed the Rs. 200 million and had indicated that they have paid money for Reinsurance. The amount that was reinsured was Rs.73 billion for Ceylon Petroleum Corporation to insure ten of their locations.
He said that in addition, when the Supreme Court ordered to cancel the privatization of the Insurance Company, six years ago, it was agreed that Rs. 672 million should be paid to the businessman who owns a conglomerate) who purchased the SLI. The court ordered that this should to be settled in a period of five years by way of treasury bills.
However, the then Treasury Secretary Dr PB Jayasundera along with the then Chairman Gamini Senerath has surprisingly taken a decision to pay this back from the Insurance company money.
“This is absurd and is a violation of the Supreme Court ruling,” the unions allege. What we are asking from the government is to recover these amounts from corrupt officials who ruled the institution in the last three years.
Meanwhile he also said that over 1,800 employees were retired or sacked on various issues during the last three years. Some of these employees are yet to receive their compensation and we are urging the present management to speed up these payments, Nandalal said.
A former official of the Insurance Corporation when contented said that these allegations are fabricated.
“I say that 99.9% of the SLI is owned by Finance Ministry. Hence the Treasury Secretary can take decisions and the payment of Rs. 675 million can be justified,” he said. Dailynews.lk
They say that this huge financial irregularity has been highlighted and forwarded to President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe for remedial action.
Committee Member of Sri Lanka Insurance Reinstating Organization, R. S. Nandalal speaking to Daily News business said that under the previous management Rs. 200 million was paid to a company in UAE to obtain reinsurance, but this company SZC at PO Box 10559 in Rakstzak, UAE, does not exist in that address.
This proves that the previous management has taken a grave risk and has pocketed the Rs. 200 million and had indicated that they have paid money for Reinsurance. The amount that was reinsured was Rs.73 billion for Ceylon Petroleum Corporation to insure ten of their locations.
He said that in addition, when the Supreme Court ordered to cancel the privatization of the Insurance Company, six years ago, it was agreed that Rs. 672 million should be paid to the businessman who owns a conglomerate) who purchased the SLI. The court ordered that this should to be settled in a period of five years by way of treasury bills.
However, the then Treasury Secretary Dr PB Jayasundera along with the then Chairman Gamini Senerath has surprisingly taken a decision to pay this back from the Insurance company money.
“This is absurd and is a violation of the Supreme Court ruling,” the unions allege. What we are asking from the government is to recover these amounts from corrupt officials who ruled the institution in the last three years.
Meanwhile he also said that over 1,800 employees were retired or sacked on various issues during the last three years. Some of these employees are yet to receive their compensation and we are urging the present management to speed up these payments, Nandalal said.
A former official of the Insurance Corporation when contented said that these allegations are fabricated.
“I say that 99.9% of the SLI is owned by Finance Ministry. Hence the Treasury Secretary can take decisions and the payment of Rs. 675 million can be justified,” he said. Dailynews.lk
