COPE express its absolute displeasure over management and structural irregularities.
- Immediately probe investigations through the CID regarding the loss of institutional information – COPE Chairman instructed the Sri Lanka Export Credit Insurance Corporation.
- Recommendations to appoint an independent committee consisting of the Internal Auditor affiliated to the Finance Ministry and submit a report on this institution within 3 weeks.
- The Ministry of Finance directed to conduct a separate investigation regarding the actions of the General Manager of the institution and report to the committee before April 18th
- The Sri Lanka Export Credit Insurance Corporation instructed to present its corporate plan as soon as possible.
- COPE directs to ensure that the 5 main vacant positions of the Corporation be filled with immediate effect.
The Committee on Public Enterprises (COPE) which met recently (07) under the Chairmanship of Hon. (Prof.) Ranjith Bandara to examine the Auditor General’s Reports of the years 2019 and 2020 and the current performance of the Sri Lanka Export Credit Insurance Corporation, expressed its absolute displeasure over management and structural irregularities of the institution.
The Committee Chair highlighted that this was the first time in a decade that the Sri Lanka Export Credit Insurance Corporation which is established to promote and develop international trade and to support and protect exporters, banks, importers and other financial institutions, made an appearance before COPE.
The Committee on Public Enterprises highlighted the failure of the Sri Lanka Export Credit Insurance Corporation to table Annual Reports and expressed displeasure over the lack of assistance provided to the Auditor General as a responsible government institution.
The Committee questioned the General Manager of the institution as to why a corporate plan was not prepared for over a time period of 10 years and on what basis the administration process of this institution has been carried out in the absence of a corporate plan. Accordingly, the Committee instructed the officials present to take immediate measures to present a corporate plan as soon as possible.
Moreover, COPE also inquired as to why 05 main positions of the director board including finance remain vacant. While strongly condemning the actions of the General Manager in steering the institution, COPE emphasized that the neglect and inaction of respective officials have resulted in the failure of reaching the set objectives of the institution as per the Act. Therefore, the COPE chair recommended that the board vacancies be filled with immediate effect to ensure stability and proper institutional mechanism.
The COPE chair also denounced the Sri Lanka Export Credit Insurance Corporation for avoiding its responsibility of being accountable to the Parliament, to the Auditor General and the Committee on Public Enterprises.
COPE also inquired as to how important government information and documents have been misplaced and who is responsible for such acts.
Accordingly, Hon. (Prof.) Ranjith Bandara, Chair of COPE whilst expressing disappointment regarding the indolent nature of the Ministry of Finance in looking into the ongoing irregularities of the Sri Lanka Export Credit Insurance Corporation, recommended that an investigation should be probed through the CID regarding the loss of institutional information of the institution and recommended that the Chairman of the Corporation take immediate action regarding the said matter.
Furthermore, recommendations were also made to the Finance Ministry to appoint an independent committee consisting of the Internal Auditor affiliated to the Ministry and to submit a report regarding the financial irregularities of the Corporation withing 3 weeks. Recommendations were also given to the Ministry of Finance to conduct a separate investigation regarding the actions of the General Manager of the institution and report to the committee before April 18th.
State Ministers Hon. Jagath Pushpakumara, Hon. Janaka Wakkumbura, Hon. Lohan Ratwatte, Hon. Indika Anuruddha Herath, Members of Parliament, Hon. Mahindananda Aluthgamage, Hon. Rohitha Abegunawardhana, Hon. Eran Wickramaratne, Hon. Nimal Lanza, Hon. S. M. M. Muszhaaraff, Hon. (Mrs.) Rohini Kumari Wijerathna, Hon. Chaminda Wijesiri, Hon. Sanjeeva Edirimanna, Hon. Jagath Kumara Sumithraarachchi, Hon. (Major) Sudarshana Denipitiya, Hon. Premnath C. Dolawatte, Hon. Upul Mahendra Rajapaksha, Hon. M. Rameshwaran, Hon. Shanakiyan Rasamanickam, Hon. Rajika Wickramasinghe, Hon. Madhura Withanage, were present at the Committee meeting held.