COPE questions role of two private companies in Galoya Plantations

Saturday, 27 November 2021 03:07 - - {{hitsCtrl.values.hits}}

COPE Chairman MP Charitha Herath this week questioned the Chairman of the Board of Directors including the Chairman of Galoya Plantations Ltd. as to how two private companies hold more power when it comes to the administrative decisions of the company which is 51% owned by the Government and 49% owned by the two private sector companies.

The matter came up at a meeting of the Committee on Public Enterprises Committee held yesterday. The Committee is chaired by Herath.

It was revealed at the meeting that the Board of Directors consists of nine members, five representing the public sector and four representing the private sector. However, in making decisions regarding this company, he noted that a separate administrative management company is located under LOLC.

Officials present at the meeting said that the two private sector companies have more powers to make administrative decisions under the relevant agreement.

The COPE Chairman focused in particular regarding the powers held by the 51% owned Government sector body over the company and the powers held by the two private sector companies with 49% of shares. The Committee said that the agreement, signed in 2010, would be renewed for another 10 years before its expiration in 2030.

A special report with regard to this situation was submitted by the Audit Department. The COPE Chairman said that this discussion should be held following the consultation of the said report. Accordingly, the investigation into the Galoya Plantation Ltd. was adjourned until 6 December.

Minister Sarath Weerasekera, State Ministers Susil Premajayantha, Nalaka Godahewa, Indika Anuruddha, MPs Jagath Pushpakumara, Dr. Harsha de Silva, Eran Wickramaratne, Premnath C. Dolawatte, Rauff Hakeem and Madhura Withanage were present at this meeting.