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FeaturesNewsPresident’s fund spends Rs.1.52 bn without Board consent

President’s fund spends Rs.1.52 bn without Board consent


May 3, 2011,
By Ajith Alahakoon

The President’s Fund has spent a sum of Rs. 1,520 million, during the years 2008 and 2009, without obtaining the consent of its controlling board, the Auditor General says.

The AG’s report on the President’s Fund for 2009 points out that a sum of Rs 843,846,792 was spent in 2008. Another sum of Rs 678,904,489 was expended without the approval of the controlling board of the fund in breach of Clause No 6 of the 1978 President Fund Act No 07.

According to the report, among the expenses were provision of funds for medical aid, foreign and local scholarships, cultural affairs, religious affairs, sports and arts, welfare and education.

The report was presented to Parliament yesterday.

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