December 02, 2021
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    How are two private sector companies with 49% stake, making administrative decisions for Galoya Plantation (Pvt) Ltd. – COPE Chairman questions

    November 26, 2021

    The Chairman of the COPE Committee, Hon. Member of Parliament Prof. Charitha Herath questioned the Chairman of the Board of Directors including the Chairman of Galoya Plantations (Pvt) Ltd. as to how two privet companies hold more power when it comes to the administrative decisions of Galoya (Pvt) Ltd. which is 51% owned by the Government and 49% owned by the two private sector companies.

    These matters were discussed at the Committee on Public Enterprises Committee meeting held, chaired by Hon. Prof. Charitha Herath  (Nov 24).



    The Chairman of the COPE Committee further stated that the Board of Directors consists of 9 members, 5 representing the public sector and 4 representing the private sector. It was also stated that one of the officers has resigned. However, in making decisions regarding this company, He noted that a separate administrative management company is located under LOLC.

    Officials present at the meeting said that the two private sector companies have more powers to make administrative decisions under the relevant agreement. The COPE Chairman focused in particular regarding the powers held by the 51% owned government sector body over the company and the powers held by the two private sector companies with 49% of shares. The COPE also noted that the agreement, signed in 2010, would be renewed for another ten years before its expiration, in 2030.

    A special report with regard to this situation was submitted by the Audit Department. The COPE Chairman said that this discussion should be held following the consultation of the said report. Accordingly, the investigation into the Galoya Plantation (Pvt) Ltd. was adjourned until December 6 th .


    Hon. Minister (Dr.) Sarath Weerasekera, Hon. State Ministers Susil Premajayantha, Nalaka Godahewa, Indika Anuruddha, Hon. Members of Parliament Jagath Pushpakumara, (Dr) Harsha de Silva, Eran Wickramaratne, Premnath C. Dolawatte, Rauff Hakeem and Madhura Withanage were present at this meeting.

     

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