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BOI clarifies COPE allegations

17 Nov 2021

  • Says did not make any payments for infrastructure projects
The Board of Investment of Sri Lanka (BOI) stated last Friday (12) that any payment was not made from the accounts of BOI in relation with the infrastructure projects amounting to Rs 3,352.92 million, responding to the allegation that was made by the Committee on Public Enterprises (COPE). BOI made this statement while responding to the allegation raised by the COPE through a media statement issued on 11 November 2021, stating that the aforesaid amount of funds has been paid “without a formal payment plan”. Denying this allegation, BOI further clarified, saying: “Fund allocations for such external infrastructure were made through the 2017-19 budget proposals by the then Government to the Ministry of Development Strategies and International Trade.” In addition, the statement issued by the BOI said that it played the role of facilitator under the purview of the Ministry of Development Strategies and International Trade, while financial disbursement planning was carried out by the Ministry directly in consultation with the relevant infrastructure development agencies such as the Road Development Authority (RDA), National Water Supply and Drainage Board (NWSDB), and the Ceylon Electricity Board (CEB). The BOI statement further emphasised that the 484 projects under 12 export processing zones (EPZs), which were referred to by the COPE, are in fact terminations of contract and suspension or closure of operations that have taken place during the 43-year life span of the BOI, since its inception in 1978. Further, the BOI said that the incorrect presentation of facts pertaining to the discussions held during the COPE hearing has caused “irreparable reputational damage” to the BOI.


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