Mihin Lanka loses over Rs. 900 million in 2011

 Monday, 28 October 2013 

The pet project of the President’s financial coordinator, MP Sajin Vass Gunawardena, Mihin Lanka has incurred a loss of over Rs. 900 million in 2011.

The annual report of Mihin Lanka has stated that Sajin’s ‘budget’ airline has incurred a loss of Rs. 940 million in 2011.

Since its inception, Mihin Lanka has failed to launch as a successful budget airline and has been recording losses that are continuing to increase.

The airline has become a white elephant that is draining public monies from the state coffers.

It has been revealed that the losses incurred by the airline between 2007 and 2010 is Rs. 1373,50,00,000.

The Auditor General has also reported that the airline is in debt to the tune of Rs.500,000,000 to the airport and aviation services company and Rs.381,070,000 to a bank.

Meanwhile, the parliamentary Committee on Public Enterprises (COPE) has reported that the remuneration of it directors was increased from Rs.5.4 million to Rs.11.2 million.

The already cash strapped Treasury has had to bail out Mihin Lanka with millions of public monies.