CEB goes to CID over Rs. 2.9 b missing welfare funds

Thursday, 10 December 2015 00:57 - - {{hitsCtrl.values.hits}}

Internal audit says funds missing since 2009, private company invested in Treasury Bonds

The Criminal Investigations Department (CID) yesterday received a complaint over Rs. 2.9 billion that is missing from the Ceylon Electricity Board (CEB) Welfare Fund after it had been invested in Treasury Bonds by a private company.

The Power and Energy Ministry said in a statement the CEB Chairman had filed the complaint after the funds were unaccounted for in a document released by the Central Bank on 31 December 2014.

An internal audit investigation had pinpointed the missing funds, which had revealed the Rs. 2.9 billion had been withdrawn by a private company.

“The withdrawal had been done without the permission of any top official within the CEB,” the statement noted.

It added the unnamed private company had withdrawn the investment from Central Bank in 2009. (UJ)