COPE Meeting Highlights Misuse of Employee Welfare Shares at LTL

COLOMBO (News 1st): It was revealed yesterday at the Committee on Public Enterprises that the shares allocated for employee welfare at Lanka Transformers Limited (LTL) had been distributed among senior officials.

Lanka Transformers Limited was summoned to yesterday’s COPE meeting to clarify the matter, following questions raised about the Electricity Board during the COPE session on the 25th of September.

Lanka Transformers Limited (LTL) faced scrutiny at the Committee on Public Enterprises (COPE) over the allocation of shares and use of public funds. Established in 1980, LTL is a private company, initially owned 70% by the Ceylon Electricity Board (CEB) and 30% by a Scottish firm, and not subject to government audits.

During the session, COPE questioned how 76% of shares, held under a trust, were distributed among 15 individuals. 

CEO Nuhuman Marikkar explained that shares were legally allocated when the company was formed, and employees, including Chief Technology Officer H.D. Chaminda, have received dividends over the years. 

COPE raised concerns that dividends from certain shares do not return to the public, highlighting transparency and auditing issues given LTL’s investments exceeding Rs. 10 billion.

A heated exchange occurred when MP Chaminda Wijesiri questioned whether COPE could summon a private company. 

COPE Chairman Dr. Nishantha Samaraweera clarified that scrutiny was justified due to public funds involved and that the institution was brought in to assist in the ongoing investigation into CEB operations.