Business Times

EDB Chairman on issues over EXPO 2012 budget

Right of Reply

EBD Chairman Janaka Ratnayake has written to the Business Times over its reports in the past two weeks on issues relating to the budget of the EXPO 2012. On the Business Times report on May 6 which said that "some financial irregularity issues on the recent Sri Lanka Expo 2012 Exhibition", he says no such issue was raised by the Board members, as the estimated budget of Rs.200 million had been approved by the Cabinet of Ministers at its meeting held on 28th September 2011.

He says the EDB managed to complete the event within a budget of Rs.140 million which was approved by the Board at its meeting held on March 6. Certain members requested for a detailed breakdown of the expenditure of the Expo 2012 and “I have instructed the Director/Finance, EDB to submit a detailed expenditure statement to the next Board meeting.”

Referring to the report dated, May 13, the Business Times said "questions were raised by the directors about the cost of staging the event," he said the EDB has spent less than what was originally approved by the Cabinet of Ministers and half of the cost was met from sponsorships and income from the event. "Therefore, it is baseless to say that I walked out of the meeting saying that 'I am not answerable to the board but only to the President'. As you and most other people are not aware, I am recovering from a major heart attack which occurred soon after the Expo.

Hence, the only reason I left the meeting, after appointing Dr.Yousuf Marikkar as pro-tem Chairman, was due to my delicate health condition and not because I was annoyed or arrogant." He said there is no dispute at all between the board members and himself as reported. The EDB Board consists of 16 members with majority being Secretaries or Additional Secretaries of Ministers. "I have been chairing Board meetings of the EDB for the last two years, but never have there been any queries with regard to irregularities procedures or misappropriation of funds. Only at the last board meeting queries were raised by two members of the Board on the Expo 2012 regarding issues such as the non-functioning of the air conditioning and the seating arrangements for Board Members for the opening ceremony at the Expo 2012," he said.

He said the COPE scheduled to be held on June 8 is a routine one for all state organizations and not summoned specially to inquire into Expo 2012. He said all transactions of Expo 2012 were done in accordance with strict procurement guidelines, evaluation process followed by the EDB with the approval of the Procurement Committee in which a representative of the Ministry of Industry and Commerce is a member.

Business Editor – We stand by our story and, owing to time constraints, will respond next week fully to the chairman’s claims.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
NSB Chairman, directors must step down - BT Poll
Lies and deception surround NSB-TFC deal
Sri Lanka's postal service goes hi-tech amidst falling mail volumes
Legendary hotelier in Rs.2.5 bln enhancement, upgrade
No decision on tea imports -Samarasinghe
Comment -Lying, cheating and silence
“Bring those responsible to justice” – BT poll respondents say
TEA assertion on revenue gains doesn’t add up
Importing tea is akin to French wine makers importing cheaper grapes
Debate continues: Tea exporters strongly defend their tea hub proposal
Sri Lanka aims to modernise plastic sector
India’s Wizcraft Entertainment and local party set up Sri Lankan JV
Singer in deal to import high-quality office furniture
BAM GREEN selects REC Solar in Sri Lanka
Community-driven taxi service at Jetwing Era Beach hotel
Community-driven taxi service at Jetwing Era Beach hotel
NDB revenue up 42% in 1Q 2012
SLT hurt badly by rupee depreciation
Steady decline in software piracy in Sri Lanka last year
Tourism industry gets rewarded with new award categories
World Bank’s Chief Economist - South Asia keynote speaker at Sri Lanka’s Economic Summit
Papyrus offers access to more than 30 million digital images
Expolanka Freight crowned for the 7th consecutive year at the global awards event
3M introduces Privacy Filter to local market
Caltex partners Traffic Police to reduce road deaths, injuries
DPL does well but notes cost pressure in fuel, power and wages
Singapore Foreign Minister visiting next week
Pan Asia bullish on retail; launches new children's product
EDB Chairman on issues over EXPO 2012 budget
End of the road for the apparel industry?
Tokyo Cement collaborates with the University of Peradeniya
Transfer of TFC shares purchased by the NSB through the CSE
StanChart Bank picks DHL to pioneer carbon neutral courier service
Lanka Hospitals partners with Fortis for a lab subsidiary
Former WB advisor to speak at Corea lecture series
Intel-inspired laptop soon in Sri Lanka
IPM conference on new HR issues
Future demand for rubber continues


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2012 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution