In response to a news report over the truly staggering losses incurred by Mihin Lanka, we tweeted,

Losses

Economist Anushka Wijesinha through three tweets, helped put the staggering losses by Mihin Lanka in perspective.

Even more outrageous is what the Daily FT report flags as the fiscal management policy of Mihin Lanka,

The Auditor General had observed that although the company is running at a continuous loss, the annual remunerations paid to the six-member Board of Directors have increased over the years. Rs. 11 million has been paid to Directors as remunerations last year – an increase on the Rs.4.9 million paid for the previous year. According to the Auditor General’s report, the Mihin Lanka Chief Executive Officer (CEO) who is also the CEO of Sri Lankan Airlines is paid Rs. 500,000 a month by each of the institutions as remuneration.

Emphasis ours.

Who is holding the President accountable for this?

  • Dev

    Is is really a wonder this is called the “wonder of Asia”

  • Citizen

    Mihin Air is a loss making airline being supported by the Govt. Its fare structure does not qualify as a budget airline and is in competition with other commercial airlines. It seems to be a way of siphoning of money into the pockets of individuals and being misused by supporters and sycophants of the government.

  • justitia

    It is immoral to maintain such a huge loosing state enterprise when some citizens are living below the poverty line.
    The strange thing is that not a sigle government MP dares to question it,and COPE is powerless to do anything.
    Add the huge loosing Hambantota Port, the Airport,the Cricket Stadium and Convention Centre,and we have the most profligate state in south asia.
    Is this megalomania worth the suffering of thousands at the bottom of the ladder?