Litro Gas incurred Rs 146 mn in losses this year, court told
December 11, 2018 11:00 pm
The Permanent High Court Trial-at-Bar today (11) heard the case against former President’s Chief of Staff Gamini Senarath and three others for allegedly misappropriating Rs 500 million in funds belonging to Litro Gas.
The case was heard before a Special High Court three-judge bench consisting of Justices Sampath Abeykoon, Sampath Wijeratne and Champa Janaki Rajaratne.
Litro Gas Company’s financial controller Muditha Thamanagama, one of the witnesses of the case, gave evidence before the court at today’s hearing.
He stated that the company is currently incurring losses although it has recorded profits of Rs 18 billion from 2010 to 2014 during the time period when Gamini Senarath was in office as the Chairman of Litro Gas.
Responding to cross-examinations by the defense attorney President’s Counsel Ali Sabry, Mr Thamanagama said that Litro Gas had recorded Rs 18 billion profits from 2010 to 2014.
However, from 2014 to 2015, the profits had deceased to Rs 10 billion and it has incurred a loss of Rs 146 million during the past ten months of the year 2018, the witness further stated.
During further cross-examinations by the defense attorney, Thamanagama stated that the purchase of gas cylinders worth Rs 4 billion and keeping them in storage is inefficient administration and also claimed that gas cylinders were distributed at political campaigns in the past.
Subsequently, further hearing of the case was postponed to tomorrow (12).