Sri Lanka ECA faces irregularities, alleged corruption

(Business Times, Colombo, 15 December 2024) The new management of the Sri Lanka Export Credit Insurance Corporation (SLECIC), while celebrating its 46th anniversary, has an onerous task ahead of reforming an institution that has been marred by corruption and malpractice for the past 12 years. A forensic audit, initiated at the instance of the Parliamentary Committee on Public Enterprises (COPE) in the previous Parliament is afoot to investigate the alleged financial mismanagement of the state-run corporation. An investigation is underway into the controversial payment of an insurance claim of over Rs. 400 million to a single exporter, which had been made in a manner contrary to standard procedures. The Treasury has conducted two additional inquiries, clearing some officers accused of assisting the General Manager in carrying out corrupt practices. However, COPE intervened, ensuring the General Manager’s compulsory leave and the forensic audit.