Mahapola Trust Fund lost Rs 48b, says Wijeyadasa Rajapakshe

COI INVESTIGATING FRAUD AND CORRUPTION OF THE UNF-LED GOVERNMENT

The Mahapola Higher Education Scholarship Trust Fund, also known as the Mahapola Trust Fund (MTF), suffered a loss of Rs 48 billion, after the Ministry of Higher Education signed 2 illegal agreements to transfer the Sri Lanka Institute of Information Technology (SLIIT) to a private business.

This happened during the first 100 days of the ‘ Yahapalana’ Government, when Gamini Jayawickrama Perera was Minister of Higher Education, former Minister Dr. Wijeyadasa Rajapakshe informed the Commission of Inquiry ( CoI) appointed to investigate fraud and corruption of the UNF-led Government.

Dr. Rajapaksa told the CoI that, on May 12, 2015, SLIIT’S land, buildings and other assets in its Malabe-based campus were transferred to a private entity, after two members of Mahapola’s Board of Trustees signed the agreement. He alleged that the agreement was illegal and Mr. Jayawickrama Perera himself had appointed the Board.

“The assets, with a total value of Rs 48 billion, were given to NatWealth Group, which had agreed to invest in the Mahapola Trust Fund, at lower prices,” he said. “The Government failed to look into this and take necessary action.” He alleged financial fraud had taken place here too.

The SLIIT, founded in 1999, was public property. This, the witness pointed out, was reason enough to prevent the ownership, administration and management of the campus to fall into private hands, according to the Public Trustee Ordinance.

“The Ministry had submitted a series of Cabinet memorandums to the President. Two Board members must have deceived the President to have this property taken from the government,” he claimed.

"The SLIIT was established as an institute, under the MTF, with the MTF Chairperson being the Chief Justice of the country," Dr. Rajapaksa noted. He also accused the Ministry of Finance of aiding the process to have the illegal agreements signed.