INSUBCONTINENT EXCLUSIVE:
5,000 million in Grand Hyatt Colombo, however, it has not made any profits to date.The EPF lost Rs
205.49 million by December 31, 2021, after the licence of The Finance Company was cancelled by the Central Bank of Sri Lanka (CBSL).The
report revealed that a sum of Rs
5,000 million or 53% from investing shares in unlisted companies was invested in the construction of Canwill Holdings Hotel Complex in 2013
Meanwhile, the construction work of Grand Hyatt Colombo project related to the erection of Canwill Holdings Hotel Complex had recommenced in
2020.However, the construction work of the hotel complex had not been completed by December 27, 2021, and although 8 years had passed, the
EPF has not received any benefit from the investment, the audit report pointed out further.It was also revealed that 15,000 cards had been
purchased at a cost of Rs
and ruin.In addition, two out of the 35 machines purchased at a cost of Rs
17.67 million had been misused and the necessary measures had not been taken regarding the remaining 33 machines, the audit report revealed
This article first appeared/also appeared in https://adaderana.lk
