Sri Lanka, Oct. 25 -- A plan by Lanka Transformers Limited (Lanka Transformers Limited - LTL) to avoid a government audit by reducing the Ceylon Electricity Board's (CEB) stake from 70% to 35% was exposed yesterday (24) during a meeting of the Committee on Public Enterprises (COPE) in Parliament.

The information was revealed when COPE, chaired by Dr. Nishantha Samaraweera, convened in Parliament.

Although LTL was established as a state enterprise, it has not been subjected to a government audit.

LTL officials informed the COPE committee that the reason for this was that the majority of the company's shares were held by the private sector.

It was noted that certain LTL officials made a strong attempt during the COPE meeting to argue th...