Srilanka, Oct. 19 -- The Committee on Public Enterprises (COPE) has unearthed large-scale financial and administrative irregularities at Lanka Sathosa, pointing to massive losses arising from rice imports and other questionable activities carried out during 2014 and 2015.

According to the findings presented before the committee last week, Lanka Sathosa had incurred an estimated loss of Rs. 15.15 billion due to irregular rice imports made without due consideration of market conditions, paddy harvest cycles, or available storage facilities. The State enterprise had spent Rs. 27 billion on imports but earned only Rs. 11.85 billion in revenue. COPE said that these transactions were carried out in violation of established procurement procedur...