Lanka Coal Company board of directors, chairman removed

The Board of Directors of the Lanka Coal Company (LCC), including the Chairman Maithri Gunaratne, has been removed by the Minister of Power and Renewable Energy Ranjith Siyambalapitiya.

A statement issued by the ministry today (17) stated that after considering the facts, recommendations and conclusions of the report submitted by the Auditor General to the Parliament’s Sectoral Oversight Committee on Energy on 2016.12.30 regarding the coal purchases made by the Lanka Coal Company from 2009-2016, the Ministry of Power and Renewable Energy submitted a to the minister recommending the dissolving of the company’s board of directors and to appoint a new board after deciding through discussion the changes necessary to the composition, powers, responsibilities and duties of the stakeholders.

“Accordingly the Minister of Power and Renewable Energy has dissolved the Board of Directors of the Lanka Coal Company effective immediately,” the statement said.

Meanwhile the Additional Secretary (Technical) of the CEB, Merill Gunathilake, has been appointed as the Acting Chairman of the Lanka Coal Company until a new board of directors is appointed. 

Attorney-At-Law Maithri Gunaratane, a former UNP Provincial Councillor, was appointed as LCC Chairman in January 2015, after the election of President Maithripala Sirisena.

Lanka Coal Company (Private) Limited was incorporated under the companies act, No 07 of 2007 consequent to a decision of Cabinet Ministers to procure and supply coal for coal fired thermal plants of Sri Lanka, under the former government.

The Ceylon Electricity Board (CEB) currently holds 60% of the company’s shares while the rest is divided between the Treasury (20%), Ceylon Shipping Corporation and Sri Lanka Ports Authority.