More losses by gambling public money alleges Harsha

Monday, 30 July 2012 00:01 - - {{hitsCtrl.values.hits}}

UNP MP Dr. Harsha De Silva yesterday warned that a clear trend of the fallout from the gambling of public money had emerged with the latest ruling from a London Court hot on the heels of losses suffered from equity market and European junk bond deals.

“The London Court ruling is a further confirmation of how Sri Lanka is losing out from the gamble of public money from different markets. We have lost from the derivatives market via CPC, equities markets via EPF investments in dead stocks on CSE and from European junk bond markets via investments of Central Bank reserves,” alleged Dr. De Silva.

“With public money, one can’t get away saying ‘you win some and you lose some,’” the UNP MP said, adding that though different losses, a common set of people are behind it.

“It is now clear who is the real economic hit-man is,” charged Dr. De Silva, who was previously branded the same by certain sections of the Government.

The UNP MP also said the $ 200 million liability was equal to Rs. 27 billion, the amount which the Ministry of Education spent in 2011 as recurrent expenditure. “The loss is that big,” Dr. de Silva added.