COPE: Sathosa has lost Rs 15.1 bn due to irregular rice imports

The Committee on Public Enterprises (COPE) has revealed that Lanka Sathosa incurred a loss of Rs. 15,157,031,018 due to irregular rice imports in 2014 and 2015, carried out in violation of established procurement procedures.

- 

The disclosure came during a COPE session chaired by Dr. Nishantha Samaraweera, held on October 10 to review the Auditor General's reports for 2021 and 2022 and the corporation's current performance.

The committee noted that although the cost of the imported rice amounted to Rs. 27,011,980,142, revenue from its sale totalled only Rs. 11,854,949,124. The investigation found that insufficient study of domestic rice market conditions, paddy harvests, and storage facilities contributed to the financial loss.