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Lanka Mineral Sands Ltd. face Rs. 208 m loss

Lanka Mineral Sands Ltd. face Rs. 208 m loss Featured

07 November 2015
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Measures are yet to be initiated against officers responsible for the massive Rs. 208 million loss at the state owned Lanka Mineral Sands Limited, an Audit Query by the Auditor General has stated.

The staggering loss has incurred due to the company selling mineral sands in a manner that violated regulations of the Committee on Public Enterprises (COPE).

The losses had occurred due to sales done on two instances in 2015 as well as due to the failure to acquire several late payment fees.

Attempts to contact the secretary of the Industry & Commerce ministry - T.M.K.B. Tennakoon were unsuccessful.

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