In response to a news report over the truly staggering losses incurred by Mihin Lanka, we tweeted,
Essential reading for mind-boggling figures of Mihin losses | http://t.co/Xrgc9pGi @anushwij @cepaSL @TalkEconomicsSL #lka #srilanka
— Groundviews (@groundviews) November 28, 2012
Economist Anushka Wijesinha through three tweets, helped put the staggering losses by Mihin Lanka in perspective.
@groundviews Putting in perspective – Mihin's cumulative losses amount to approx. half of entire PAYE tax revenue paid by citizens in 2010
— Anush Wijesinha (@anushwij) November 28, 2012
@groundviews Another perspective: Mihin's cumulative losses=GoSL's combined spend on free txtbks,school uniforms,thriposha/nutrition in 2011
— Anush Wijesinha (@anushwij) November 28, 2012
@groundviews Another perspective: Mihin's cumulative losses = nearly double the capital expenditure on higher education in 2011 @theyrc
— Anush Wijesinha (@anushwij) November 28, 2012
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?