The progress review meeting of Cey-Nor was held recently under the patronage of the minister. There, it was brought to attention that during the past five years, Cey-Nor has lost a significant amount of profit due to management deficiencies.

The storage complex and the boat yard of Cey-Nor in Mattakkuliya had been leased out to a certain private company under a low monthly rent of Rs 100 000. This had incurred a huge loss to the institute and therefore the agreement was cancelled and a new agreement was entered in to with another company that had agreed to pay a monthly rental of Rs 1,000,000 earning a huge annual profit to Cey-Nor.

Accordingly, the total loss incurred by Cey-Nor during the past 5 years is approximately six crores. Cey-Nor restaurant in Colombo had been leased out to a private company five years ago for a monthly rent of Rs 150,000. However, its higher management briefed the Minister that another company is willing to pay a monthly rent of Rs 1.6 million for this restaurant.

The Minister informed the officials to make necessary arrangements to further develop Cey-Nor and also mentioned that deficiencies in management are the reasons that have led public entities into loss making conditions.