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New laws to prohibit actions that threaten religious harmony - Minister

Buddhasasana, Religious and Cultural Affairs Minister Vidura Wickramanayake stated that new laws will be enacted to combat all actions that jeopardise religious unity. The Minister reiterated that...

Monday, April 4, 2016 - 01:00

LTL Holdings (Pvt) Ltd in reply to a report titled 'No proper audits conducted on CEB subsidiary companies - COPE chairman' in the Daily News of March 30, 2016 states:

"We regret to inform you that the statements incorporated on Page No. 14 of the Ceylon Daily News (PLUS) Section published on 30th March 2016, under the caption 'No Proper Audits conduced on CEB Subsidiary Companies - COPE Chairman' concerning LTL Holdings (Pvt) Ltd were totally incorrect.

The majority shares of the LTL Holdings, the company which supplied the transformers which have been faulty causing the blackouts belongs to CEB is blatantly incorrect. The most serious facet of the matter is that the writer gives the impression that this is the view of the Hon Chairman of the Committee on Public Enterprises (COPE). This would tarnish the image of our internationally renowned company.

The transformers which failed causing the blackout are Power Transformers of very high capacity (250,00 KVA at 220,000/132,000V) supplied by a Japanese Company which are not in line of production by the LTL Holdings (Pvt) Ltd. The LTL Holdings (Pvt) Ltd manufacturers and exports only Distribution Transformers of capacity up to 3000kVA, 33,000/415V.

LTL Holdings (Pvt) Ltd. true is one of the subsidiaries of Ceylon Electricity Board which has become an internationally renowned Company for its Engineering Excellence. Our company currently earns substantial foreign exchange by exporting 50% of its Distribution Transformers to foreign countries and managing several Engineering Procurement and Construction (EPC) contracts and Operation and Maintenance (O&M) contracts for Power Generation and Distribution in countries like Bangladesh, Uganda, Tanzania and Ethiopia.

The Financial Statements of the Company are being audited by Messrs Ernst & Young & Co. Chartered Accountants and are consolidated with the CEB Accounts from the inception up to now. Our company has made profits every single year since its inception in 1982 and has declared dividends and LTL has never ever got any funds from CEB or from consolidated funds for its operations. We wish to responsibility state that each cent of CEB's part of these dividends which amount to more than Rs. 6 billion has been property accounted for by CEB."