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The Securities and Exchange Commission is at the receiving end of a considerable barrage of criticism from the Auditor General in his report I ~n the accounts for the year ending December 31, 1996. The AG's report has been sent to the Director General of the SEC for inclusion in his report on the activities of the commission for the year submitted to Parliament. The SEC is the Government body that oversees all listed company operations in share dealing and investments. Set up in 1987 under special Act of Parliament it investigates into complaints made by shareholders against the management of any public company. The accounts end report ending is teeing 1996 is being submitted to Parliament now. The Auditor General has pointed to "a bogus bill" submitted to and paid by the commission, in iddition to alteration of bills and irregular payments made. Mr. Sabry says in the report: "deficiencies observed during the course of audit were brought to the notice of the Chairman of the Commission by my detailed report issued in terms of Section 13(7) (a) of the Finance Act." He notes that special attention is needed in respect of the following areas of control: segregation of duties; Banking of cash collections; petty cash payments; authorization of payments; preparation of Bank reconciliations; payment of foreign travel expenses; computer system; employee's leave; and, payment of loans and advances. A shortage of petty cash on a verification carried out by the Auditor General of September 11,1997 of Rs: 1,066 has been noted. A sum of Rs: 250,000 had been paid to the Sri Lanka Commerce Students Federation, as expenses for the ceremony to present awards to the winners in the island-wide essay competition, held on November 28, 1996. The Auditor General observes that even though a bill amounting to Rs: 11,550 for supplying refreshment had been accepted for payment "a photocopy of the customer's questionnaire of a Hotel had been used to prepare a bogus bill for Rs: 165,000. An enquiry made by one of my officers from the Hotel Catering Service Department at the BMICH confirmed that it is a bogus bill". In addition it is reported: "several bill submitted by the SICSF were altered and the altered amount had been accepted for payment without considering the nature and reasonableness of the amount shown in the bills. A sum of Rs. 9710 had been irregularly claimed and payments made by the commission. Criticism has also been made on the payment of bills to the Sri Lanka Business Development Centre for seminars held to promote the share market. The report says that although the Director General had instructed that "the essential expenses connected with seminars should be limited and all expenses must be covered by receipts, large amounts had been paid on submission of "chits" for the supply of meals, soft drinks etc". In the year under review the Commission had paid Rs. 105,525 on such 24 chits. A number of Deficiencies relating to foreign travel expenses have been pointed out by the Auditor General in fact, Rs. 2,215,775 had been paid out by the Commission in respect of expenses incurred by eight officers going abroad 15 times in the year under review. However, it is said: (a) Hon. Prime Minister’s approval had not been obtained for their foreign visits as required by Section 10 of Chapter xv of Establishments Code. (b) Foreign exchange allowed had not been accounted for by all officers on their return from travel abroad as required in terms of Section 2:4 of the Circular No. MF/6/1/1/96 issued by the Ministry of Finance and Planning. (c) It was observed that most of the officers had overstayed without returning to Sri Lanka on due dates extending their stay by 3 to 6 days and claimed subsistence allowance and incidental expenses upto the date of their return to Sri Lanka. (d) In terms of Section 2:6 of the Circular No. MF/6/1/1/96 issued by the Ministry of Finance and Planning, air tickets should be purchased from Air Lanka Ltd. Contrary to this requirement, air tickets for the foreign travel in respect of two officers had not been purchased from the Air Lanka Ltd. Karaveddi
PS member shot dead Canagasabai Rajathurai, an EPDP member of the Jaffna, Karaveddi Pradeshiya Sabha was shot dead last Tuesday at his residence by the LTTE ‘pistol group’, security sources said. Two members of the pistol gang had arrived at the residence of Rajathurai, called him out and shot him dead, these sources said. PS opposition leader surrenders A suspect in the killing of Arachchikattuwa Pradeshiya Sabha Chairman (PA) Kingsley Sarath Premachandra yesterday surrendered to the Chief Magistrate Colombo M. A. Silva. The suspect, the Opposition Leader of the Arachchikattuwa PS, Sudhantha Chandrasekere (UNP) surrendered through his lawyer, Mr. Lakshman Ranasinghe. There was a warrant issued for the arrest of the suspect by the Chilaw Magistrate. The killing was committed on September 25. The Magistrate remanded the suspect till October 20 and ordered the prison officials to produce the suspect before the Chilaw Magistrate on October 20. He further ordered that the suspect be provided with maximum security while in remand. (CV) Budget estimates reveal Rs. 106.8 billion
deficit Next year’s budget deficit is Rs. 106,872,056,000, according to expenditure and revenue draft estimates presented to Parliament yesterday morning. The Appropriation Bill presented to Parliament along with the revenue and expenditure provides for a total expenditure of Rs. 241,954,312,000. This figure does not include expenditure under the special law, which amounts to Rs. 97,279,744,000 . The total expenditure therefore is Rs. 339,234,056,000. The total government revenue estimated for 1999 is Rs. 232,362,000,000, leaving a deficit of Rs. 106,872,056,000. The Appropriation Bill also provides for the raising of loans to the tune of Rs. 168,072,056,000 from local and foreign sources. The major component of next year’s budgetary expenditure is that of the Ministry of Defence, as usual. The total Defence Ministry expenditure has been estimated at Rs. 47,352,452,000. Of this amount Rs. 39,045,292,000 is for recurrent expenditure and Rs. 8,307,160,000 for capital expenditure. A Congressional Caucus comprising members of the U.S. Home of Representatives from both the Democratic and Republican parties was launched on Monday at a ceremony held in the Rayburn building at Capitol Hill in Washington, a Foreign Ministry spokesman said. The 'Congressional Caucus on Sri Lanka' chaired by Rep. Pallone (New Jersey/Democrat), has as its founding members Rep. Connie Morella (Maryland/Republican), Rep. John Doolittle (California/Republican), Rep. Donald Payne (New Jersey/Democrat). Rep. William Pascrel, (New Jersey/Democrat). Rep. Robert Menendez (New Jersey/Democrat), Rep. James Moran (Virginia/Democrat), Rep. Earl Hilliard (Alabama/Democrat), Rep. William Jefferson (Louisiana/Democrat), Rep. Bill Luther (Minnesota/Democrat). The spokesman said that the Caucus has been established in terms of the regulations governing Congressional Member Organizations and has been registered and confirmed by the Committee on House Oversight. Congressional Caucuses serve as interest groups in Congress in favour of a country. Sri Lanka is among the few countries that have such a Caucus in the US Congress. In addition to furthering understanding between the US and the respective country, Congressional Caucuses promote the country's interests on issues concerning political developments, trade & investment and cultural relations. It also seeks to enhance the interests of Sri Lankans in the US and Americans in Sri Lanka. "The establishment of the 'Congressional Caucus on Sri Lanka", is seen as the culmination of considerable strengthening of a Sri Lanka support base in the US Congress. In recent years there have been several resolutions on Sri Lanka passed with bi-partisan support in the US House of Representatives. These include a resolution in September, 1995 commending the Government of Sri Lanka for the Peace Process and condemning terrorist action, which was a pre-cursor to the listing of the LTTE as a 'terrorist' organization by the United States. Earlier this year, the House also moved a congratulatory resolution on the occasion of the 50th Anniversary of Sri Lanka," the spokesman added. Foreign Minister Lakshman Kadirgamar who is currently on a three-day official visit to Washington D.C. was associated with the inauguration ceremony along with the Chairman of the Caucus Representative Frank Pallone, the US Congress members who belonged to the Caucus, Congressional Aides, State Department officials, several former US Ambassadors to Sri Lanka, representatives of Sri Lankan American organizations from various parts of the USA and the staff of the Sri Lanka Embassy in Washington. Mr. Olara Otunnu, Special Representative of the Secretary-General for Children and Armed Conflict, at a special meeting with Justice and Constitutional Affairs Minister, Prof. G. L. Peiris in New York on Monday indicated disappointment at the breach by the LTTE of specific assurances given to him that children would not be recruited into the cadres of the LTTE before the age of 17 and that they would not be deployed in combat until 18, according to a Justice and Constitutional Affairs Ministry news release. Senaratne to probe Lionair disaster Assistant Director of the Civil Aviation Authority, A. A. W Senaratne has been appointed to probe the disappearance of the Lionair Antonov 24 aircraft, a Civil Aviation Authority official told ‘The Island’ yesterday. This follows a directive by Tourism and Civil Aviation Minister Dharmasiri Sena-nayake to the Civil Aviation Authority to appoint a one-man committee to investigate the circumstances under which the aircraft went missing shortly after take off from Jaffna enroute to Colombo last Tuesday with 55 people aboard including 4 Russian crew members. Mr. Senaratne is expected to conduct a thorough investigation into the incident and submit a report. United Lalith Front leader Mrs. Srimani Athulathmudali says in a news release that a serious allegation has been made in the news reports that she had secret meetings with minister G. L. Peiris with a view to seeking self-interest and thus insinuating that she is undermining the United Lalith Front. "I categorically deny that such a meeting took place," she says. "Any political decision taken by me as Leader of the United Lalith Front has always been in the best interest of the party members," she added. It was a rare occurrence. Usually chief guests and guests of honour do not donate blood at blood donation ceremonies. Last Sunday Colombo Mayor Karu Jayasuriya was the guest of honour at the fifteenth death commemoration ceremony of Ven. Vajirarama Narada thera at Vajiraramaya, Bamba-lapitiya where a blood donation ceremony was conducted. Mr. Jayasuriya earlier visited around four hundred wounded soldiers at the National Hospital. As the blood donation campaign began Mr. Jayasuriya announced that he wished to donate a pint of blood for the wounded soldiers on that noble occasion. He was given the green light and was the first to donate blood. It is reported that this was the first occasion where a chief guest or a guest of honour had done such a noble thing for our gallant soldiers fighting to save this country from the enemy. This ceremony was held to mark the death anniversary of a reputed scholar monk held in high esteem by all sections of the society. (PG) Prof. Dahanayake appointed chairman, NSF Professor Kapila Dahanayake, Senior Professor of Geology, University of Peradeniya and Director Postgraduate Institute of Science has been appointed Chairman of the National Science Foundation. Prof. Dahanayake who is a Fellow of the National Academy of Sciences, Sri Lanka and an Alexander von Humboldt Fellow (Germany) is an old boy of St. Aloysius’ College and Mahinda College, Galle. He graduated from the University of Ceylon, Peradeniya with BSc Honours (Geology Special) and had his postgraduate education in France. He has conducted extensive research in Sri Lanka and abroad on limestones, phosphate rocks, gem sediments and landslides and is the author of more than 100 national and international scientific publications. He was a member of presidential committees on gem trade, Eppawela phosphate and landslides and currently serves in several presidential committees. Prof. Hubert D. J. Silva passes away Professor Hubert D. J. Silva, former Head of the Department of Chemical Engineering of the University of Moratuwa, expired on October 5th 1998. He was a distinguished academic and a teacher par excellence. The funeral will be held on 8th Oct. at 4.00 p.m. at St. Phillip Neries Church, Katukurunda, Kalutara. All past and present students of late Prof Silva are kindly invited to take part in the funeral procession. Prof. Silva joined the Institute of Practical Technology (IPT) as a lecturer in 1966. In 1967, the IPT was changed to the Ceylon College of Technology, which in turn in 1972 became the Katubedde Campus of the University of Ceylon. In 1978, Katubedde Campus became the University of Moratuwa. Throughout these changes Professor Silva contributed immensely towards the development of this institution and was one of the pioneers in developing the various Chemistry and Chemical Engineering courses offered at the IPT, CCT and later the University of Moratuwa. He has been serving in the Department of Chemical Engineerimg up to the time of his passing away. Prof. Silva played a key role in the establishment of the Chemical Engineering Department of the University of Moratuwa in 1972. The Chemical Engineering Degree Course, the N.D.T. Chemical Technology Course and the N.D.T. Polymer Technology Course were some of the courses he helped to establish and nourish to their present positions. Many senior and other engineering professionals in numerous positions in the government, industry and private sector owes much to Prof Silva’s patient, kind and dedicated teaching. He always made it a point to listen to a student and help in any way possible whatever the course that he or she may have been following. His life was a life dedicated to teaching and helping the student community of the campus. Professor Silva had his primary education at Holy Cross College, Kalutara and his secondary education at St. Joseph’s College, Colombo. He graduated from the University of Colombo in 1958. After graduation he taught at Sri Palee College, Horana, for 8 years. In 1966 he joined the Institute of Practical Technology, now called University of Moratuwa. In 1976 he obtained a Master of Science Degree in Combustion Engi-neering awarded by the Leeds University, UK. Prof. Silva was well known for his excellent teaching and his commitment to student welfare. He was the Chief Student Councellor and was a member of the sports council for many years. He was the Patron and also the Senior Treasurer of the Chemical Engineering Society from its inception. Career assistance programme for arts graduates Alumni Association, University of Peradeniya (Colombo) Chapter with consultancy assistance of the OPA (Organization of Professional Associations) will conduct a Career Guidance Programme for about 100 graduates of the Faculty of Arts, University of Peradeniya graduated in the year 1997 on Saturday (10) in the Auditorium of the OPA, Stanley Wijesundare Mawatha. The one day programme aims to introduce graduates to the ways in which they can approach the search for a job after graduation, mainly in the private sector. Private sector employers will talk to the graduates about the opportunities available in the private sector and the session on preparation of CV and interview techniques is to familiarise graduates with the various structures a job interview can take. The participants will also get an opportunity to face mock interviews and a feed back on how they performed their respective tasks. The programme launched by the Alumni Association, University of Peradeniya (Colombo Chapter) will facilitate the graduates to make them aware of the employment opportunities in the private sector, the requirements of employers and also guide them on the art of presenting themselves for interviews. The programme in the morning will include presentations and discussions by Mr. Lakshman Hettiarachchi, President, OPA, Mr. Nihal Rangala, Director, Consultancy & Training Federation of Chambers of Commerce & Industry, Mr. Jayantha Jayaratne, AGM, Human Resources, Commercial Bank and Mr. D. D. Kumaradasa, Director, Youth Employment Planning of the Ministry of Samurdhi, Youth Affairs & Sports with Mr. Lal de Mel, Managing Director, CIC (Paints) Ltd., as Chief Guest. Church with mysterious vision at Rawatawatte celebrates feast on Oct. 11 The Rawatawatte Catholic Church where a mysterious vision on the wall is continuing to draw thousands of devotees, celebrates its feast on Sunday October 11. The vision which many devotees see as the image of the Blessed Virgin Mary holding out the Cross first appeared on August 16 and since then many miraculous healings have been reported. An Airforce officer and female doctor testified they had been healed of cancer after praying at the shrine while recently a child suffering from a hole in the heart was healed. Fr. Edward Revel, Parish Priest of the 'Queen of Angels' Church at Rawatawatte near Moratuwa said all arrangements had been made for thousands of devotees who were expected to gather for the feast day ceremonies. The Masses on October 11 will be from at 5.30 a.m. and 6.30 a.m. with the Festive High Mass at 8. a.m. followed by a procession. Another Mass will be held at noon. For the past seven weeks the church has been open daily from early morning till late at night with three Masses every day for pilgrims who are flocking there from all parts of the country. The apparition began on August 16 when the church was celebrating the Feast of Corpus Christi (Body and Blood of Christ.). Scores of eye witnesses said they saw rays of light flashing from the Blessed Sacrament exposed on the altar. This left an imprint on the wall which many devotees believe is a special revelation from God. Confab starts tomorrow on human resource development The Institute of Personnel Management, Sri Lanka the premier National Organisation involved in the development of Human Resource Management in Sri Lanka organises annually a National Conference to focus attention on current issues pertaining to this discipline. This year arrangements have been made to conduct the National Conference on Human Resources Management on Friday (9) and Saturday (10) at the B.M.I.C.H. A broad perspective was necessary to decide on this year's conference theme due to the emerging trends and changes in the next millennium. This undoubtedly would require fresh thinking and a definite agenda for the rapid development of Human Resources in our country. Human Resource Management Professionals and Business Managers must have an opportunity to prepare themselves adequately in the direction of managing people for greater effectiveness and positive results. |
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