Kuwait Compensation Fund still has Rs.3.92 bn
View(s):Even after over 30 years, the Kuwait Compensation Fund set up at the Sri Lanka Foreign Employment Bureau (SLBFE) still has Rs.3.92 billion remitted by the United Nations Compensation Commission (UNCC), Finance Ministry records revealed.
This was the balance amount after payment for compensation from a total sum of US$348 million remitted by the UNCC to pay 87,000 Sri Lankans who were employed in Kuwait during that country’s invasion by Iraq in 1990.
The payments are yet to be made because the bureau “had not implemented a formal methodology to pay compensations to the relevant workers’, the report on the SLBFE observed.
This balance money has been shown in accounts as a capital reserve when it should be entered in books as a long-term liability, the report indicated.
The SLBFE cannot use funds remitted by the UNCC as compensation for long term investment projects or expenses by claiming it as a capital reserve, a senior Treasury official said.
Further indicating the SLBFE’s failure to make the compensation, there were 251 Sri Lankan migrant workers affected by the Gulf war still awaiting payment.
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