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| Sunday, 19 June 2005 |
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Business |  |
| News Business Features Editorial
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Final report
on SRL take over presented
The final report of the 10-member committee on the possible take over of Sathosa Retail Ltd (SRL) was handed over to the Minister of Trade, Commerce and Consumer Affairs Jeyaraj Fernandopulle on Thursday. The Minister said that after studying the recommendations of the committee it would be forwarded for cabinet approval. The comittee was appointed in April 2004 by the minister to look into the possibility of taking over SRL. According to sources The General Manager of SRL Sunil Lakmanasinghe has tendered his resignation while the head of operations Ruwan Perera and head of procurement Roshan have not reported for work for over five days. The Sathosa Retail started operations on December 1, 2003. Under the agreement 100% of the management and 40% of the shares were given to IGA for Rs 680 million. At that time 2,000 employees were absorbed into Sathosa Retail Ltd on the same terms and conditions while the then Minister Ravi Karunanayake recruited another 1,700 bringing the headcount to 3,700. At present Sathosa Retail Ltd has 3,157 employees on its payroll while the balance were interdicted or given a golden handshake by the management company. At the time the management was given to IGA Sathosa had 150 retail outlets. It has now declined to 143. (SG) |
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