Trade Minister Bandula Gunawardena’s Cabinet Memorandum on the 21st has revealed more details in addition to controversial details already exposed regarding the privately-owned Laugfs Gas Company.
It is revealed that funds from the Employees Provident Fund and the Employees Trust Fund and other government agencies have been invested in the company. This is confirmed by the matters mentioned in paragraph vii of the relevant Cabinet Memorandum.
It states that, “As Sri Lanka Litro is a wholly-owned subsidiary of Sri Lanka Insurance and Laugfs is a stock market listed company and a shareholder in the Employees Provident Fund and Employees Trust Fund and State Banks, also as the company and the Laugh Terminal Company have been granted state bank loans, the Cabinet Sub-Committee observed that it would be appropriate for all these institutions to move the industry forward with the intervention of the Government.”
However, it is revealed that Media Minister Keheliya Rambukwella has not signed the recommendations of this five-member subcommittee.
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