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ITN incurs staggering Rs.101M loss:

by Dhaneshi Yatawara

A six-member committee will be appointed by Independent Television Network(ITN) to conduct an in-depth investigation into the alleged non-recovery of payments for advertisements of former President Mahinda Rajapaksa which appeared during the 2015 presidential campaign. The Board of Directors will nominate members within the next few days, working director Dhanushka Ramanayake said. The committee will investigate how the company incurred a staggering loss of Rs.101 million through these advertisements.

"The protocol based on directives of the Board of Directors is to broadcast election advertisements upon receiving payment. However, in this case there were several instances where the rules were flouted. Based on the final decision of this Committee the management will initiate action against the culprits." Ramanayake explained.

Initially ITN conducted a preliminary investigation along with an audit inquiry. However, Ramanayake said the Board decided to hand over the 400 page inquiry to independent bodies such as the Presidential Commission of Inquiry.

The second public hearing on ITN's non-recovery of payment from Rajapaksa for his TV advertising was held on October 29-30 by PRECIFAC. The investigations will run into a third public hearing, scheduled for November 19.