Sajith demands forensic audit on SLT sale

Wednesday, 24 July 2024 00:33 - - {{hitsCtrl.values.hits}}

Opposition Leader

Sajith Premadasa

Opposition leader highlights serious financial irregularities in SLT’s asset valuations and sudden losses
Condemns and opposes attempts to devalue SLT assets in order to be sold off
Asks if this could be another case of capitalist political cronies benefiting from Govt. deal
Declares it a national crime to devalue and sell off profit-making state enterprise as SLT

The Opposition Leader Sajith Premadasa has called for a forensic audit to be carried out on Sri Lanka Telecom PLC prior to any efforts to privatise it.

Speaking in Parliament yesterday, Premadasa highlighted serious financial irregularities in SLT’s asset valuations and its sudden losses after many years of profitability.

According to Premadasa, SLT’s share price was based on a Government asset valuation of Rs. 400 million while SLT’s Financial Report of 2023 estimated the value of the same assets to be Rs. 58 000.

“We condemn and oppose the devaluation of SLT in order to be sold off,” he said.

The Opposition leader also noted that for years SLT was a highly profitable venture, contributing Rs. 25,000 million to the treasury in taxes and dividends over the years.

He said the Opposition accepts the need to privatise and restructure loss-making state enterprises through proper methods but questioned the Government’s rationale in privatising a profit-making state enterprise like SLT. “How can a profit making institution be sold off in this manner?” he asked.

The Opposition leader noted that SLT recorded profits every year except for one. “During the COVID-19 pandemic, its net profit was Rs. 12 billion. But then the Chairperson was ousted, and suddenly its profits dropped, turning it into a loss-making business. How did that happen?” he questioned.

Premadasa stated that a forensic audit must be conducted before taking any steps to privatise SLT. He also alleged a lack of transparency in the process of selecting potential buyers and expressed public suspicion that this could be another case of capitalist political cronies benefiting from a Government deal.

“It is a national crime to devalue and sell off a profit-making venture. Is this another case of capitalist political cronies benefiting from a Government deal?” he asked Parliament.

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