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| Sunday, 24 April 2005 |
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Business |  |
| News Business Features Editorial
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Sathosa
retail take over based on committee report
Sathosa retail will be taken over by the government in the near future based on the committee report. The committee was appointed by Minister of Trade Commerce and Consumer Affairs Jeyaraj Fernandopulle to look into the taking over of Sathosa Retail. The members of the committee include public servants and representatives from different political parties. At present 150 retail outlets remain closed while the employment of 4,825 employees are at stake. Therefore the ministry will take over the Sathosa retail from its private owners as soon as possible to ensure continuous employment and provide goods at a reasonable price to the consumers. Once we take over it will be made a profitable institution by eliminating corruption and politicisation, the minister said. He said to pay the suppliers and re-open the outlets and to pay the salaries of employees for the next three months we need Rs 400 million and we are discussing with the treasury to get this money. The government has been able to earn a profit of Rs 25 million by selling flour last month and plans are under way to increase it to Rs 50 million. |
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