By The Pulseline News Desk
The parliamentary Committee on Public Enterprises (COPE) has raised concerns over the Ceylon Shipping Corporation’s (CSC’s) investment portfolio, revealing that hundreds of millions of rupees invested in subsidiary and associate companies are delivering negligible financial returns.
During a recent review, the committee had reportedly found that the Corporation’s investment of approximately Rs. 630 million in six subsidiary and associate companies generates an annual dividend of only about Rs. 400,000, prompting questions over the effectiveness of these investments and the value they deliver to the State.
COPE had also noted that although officials from the CSC serve on the boards of these companies, they have not made a meaningful contribution towards improving their operational or financial performance.
Beyond the investment portfolio, the committee had conducted a comprehensive examination of the Corporation’s overall operations, scrutinising its management practices, financial controls, human resource management and vessel operations. The review had identified several areas requiring improvement to enhance efficiency, accountability and institutional performance.
Following its inquiry, COPE had issued a series of recommendations aimed at strengthening the Corporation’s governance framework, improving oversight and ensuring better management of public assets. The committee had also emphasised the importance of enhancing operational efficiency and reinforcing accountability to improve the long-term financial and institutional performance of the State-owned enterprise.
Leave a comment