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Finance Ministry expresses gratitude to COPE

The Deputy Secretary of the Ministry of Finance expressed his gratitude to the Committee on Public Finance for the Committee’s disclosure of long-standing irregularities in the Sri Lanka Export Credit Insurance Corporation, as it has resulted in avoiding certain irregularities and improving the institution.

The Deputy Secretary of the Ministry of Finance expressed his gratitude to the COPE Committee for the COPE Committee’s disclosure of long-standing irregularities in the Sri Lanka Export Credit Insurance Corporation, as it would be possible to avoid the related irregularities and improve the institution.

This statement was made when the Committee on Public Enterprises of the Parliament met recently (04) chaired by Prof. Ranjith Bandara to review the implementation of the instructions given to Sri Lanka Export Credit Insurance Corporation by COPE held on March 07 th, 2023.

The COPE Chair stated that the Committee considered the reports and documents submitted by the Sri Lanka Export Credit Insurance Corporation based on COPE instructions and the Committee is satisfied with the progress by the institution so far.

Streamlining staff recruitment

The Deputy Secretary to the Treasury stated that initial steps have been taken to implement the directives given by COPE and accordingly, the recruitment procedures required to fill the existing vacancies in the staff of the institution have been approved by the Department of Management Services and have been advertised.

Presentation of Annual Report and Composite Plan

The officials pointed out that they will speed up the submission of the annual report of the institute. It was emphasised that the company’s comprehensive plan has already been forwarded to the Department of Public Enterprise and subject to the approval of the Department of Public Enterprise, it can be implemented.

Enterprise objectives of the composite plan

The COPE Chair inquired about the strategy for achieving the enterprise objectives contained in the present composite plan. Officials stated that a strategic plan to achieve the company’s enterprise objectives is now expected to be prepared and implemented.

Preliminary Investigation of Irregularities

It was also stated that as per the recommendation of the Committee, a preliminary investigation has been conducted into the irregularities in the institution and an interim report has been submitted to COPE. Apart from that, the present officials pointed out that the General Manager, who is considered responsible for many irregularities in the institution, has now been sent on compulsory leave and an investigation is being conducted.

The officials who commented on the inspection report pointed out that many administrative problems have arisen due to the activities of the current General Manager who has been working since 2006. In addition, the report revealed many other irregularities such as irregular recruitment, non-implementation of underwriting, non-giving of duty list to officers, unequal treatment of officers, cutting welfare of the organisation and continuous decrease in the performance of the organisation.

The COPE membership instructed to conduct a forensic audit or such in-depth investigation into the transactions of the institution as the investigation carried out was not substantial. The Chair also informed that Sri Lanka Export Credit Insurance Corporation will call again after 06 months to review the progress of the institution.

Moreover, COPE members also informed the Sri Lanka Export Credit Insurance Corporation to pay attention to the missing of some files of the institution and deletion of old digital data as well as information being reported.

MPs Eran Wickramaratne, Jagath Kumara Sumithraarachchi, Madhura Withanage, Rajika Wickramasinghe were present at the Committee meeting held.

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