COPE uncovers major ownership dilution and audit concerns at LTL Holdings linked to CEB

THE Committee on Public Enterprises (COPE) has raised serious concerns over ownership changes, conflicts of interest, and lack of Government audit at LTL Holdings, a key company partly owned by the Ceylon Electricity Board (CEB), following a detailed inquiry held on 24 October under the Chairmanship of MP Dr Nishantha Samaraweera.

- 

As an extension of its ongoing probe into the CEB, the COPE summoned LTL Holdings and its subsidiaries to clarify issues surrounding the company’s ownership structure, governance, and auditing practices.

Officials from LTL Holdings explained that the company originated in 1980 as Lanka Transformers Ltd., a public-private partnership formed to manufacture and maintain transformers needed for the national power grid. The CEB initially held 70% of the shares, with the remaining 30% owned by a Scottish partner. In 1986, the Scottish company sold its stake to a Norwegian entity, which later exited in 2005.

Over the years, LTL expanded its portfolio, establishing subsidiaries such as LTL Galvanising, LTL Steel Fabrication, and Lakdanavi Ltd., which supplies electricity to the national grid. In 2008, the company rebranded as LTL Holdings, with its subsidiaries operating as separate entities.