The Sri Lanka Samurdhi Authority is yet to receive any dividends for its investment of Rs. 80,579,226 in Pan Asia Bank stocks for the past 10 years.
Monies from Samurdhi have been used to purchase Pan Asia shares on May 19, 2000 and September 11, 2000. The annual report of the Authority has revealed that it has not received any benefits from investing these monies in the Bank’s stocks.
Director General of the Samurdhi Authority, R.P.B. Thilaksiri responding to this matter has noted that the Authority would receive its due returns once the Pan Asia Bank starts to record profits.
However, even by December 31, 2010, the Authority had not received any returns from its investment of around Rs. 80 million in Pan Asia.
Interestingly if the monies were deposited in a bank at an 8 percent interest rate, the Authority would have gained over Rs. 60 million in interest payments.