SLECIC faces irregularities, alleged corruption
View(s):The new management of the Sri Lanka Export Credit Insurance Corporation (SLECIC), while celebrating its 46th anniversary, has an onerous task ahead of reforming an institution that has been marred by corruption and malpractice for the past 12 years.
A forensic audit, initiated at the instance of the Parliamentary Committee on Public Enterprises (COPE) in the previous Parliament is afoot to investigate the alleged financial mismanagement of the state-run corporation.
According to sources in Parliament, an interim report has been submitted to COPE, following which the General Manager, accused of numerous irregularities, was sent on compulsory leave. An investigation is underway into the controversial payment of an insurance claim of over Rs. 400 million to a single exporter, which had been made in a manner contrary to standard procedures.
SLECIC provides credit insurance and financial services, including pre- and post-shipment guarantees, to exporters and indirect exporters to mitigate their risks.
The Treasury has conducted two additional inquiries, clearing some officers accused of assisting the General Manager in carrying out corrupt practices. However, COPE intervened, ensuring the General Manager’s compulsory leave and the forensic audit.
The inquiry report presented by SLECIC officials detailed numerous administrative issues caused by the General Manager, who had been in office since 2006.
These included irregular recruitment, failure to implement underwriting policies, lack of duty lists for officers, unequal treatment, reduction in welfare facilities, and a consistent decline in the organisation’s performance.
Additionally, COPE instructed the Finance Ministry to form an independent committee, including the Ministry’s Internal Auditor, to review the corporation’s financial irregularities. A separate investigation into the General Manager’s actions was also mandated.
During the ongoing inquiry, several cases of corruption were uncovered. One significant case involved an employee from the marketing division who unauthorisedly approved an export shipment to a country not listed in the insurance policy.
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