SLT initiates vendor financing during election period

Sri Lanka Telecom (SLT) is now initiating long term financial agreements to implement artificially built- up or massive scale projects with investments running up to billions of rupees in a hurry on the eve of upcoming presidential elections, SLT engineers alleged.

This money spending spree of vendor financing initiatives will impact the company bottom line and will eventually lead towards curtailing benefits of employees, Telecommunication Engineers Union (TEU) said.

In a letter of protest, TEU President Samantha Ruwanpathirana stated that at a time of elections where the people of the country including the pubic and private sectors are adopting a wait and see stance, SLT is venturing into mega projects unrealistically.

The TEU has sent this letter to the President, Prime Minister, Finance Minister and other relevant authorities focusing their attention on money spending attempts of the top management of the company.

TEU has urged the current SLT board of directors to suspend unrealistic vendor financing initiatives aimed at siphoning money for election propaganda activities and leave the decision for funding of mega projects to a new board which will be appointed after elections following the normal procedure.

Another demand of TEU is to desist from entering into any agreements on any vendor financing projects or long term investments during the presidential election period.

Several repeated attempts made to contact SLT Chairman Kumarasinghe Sirisena over the phone for his comments relating to TEU allegations failed as he was busy with his meetings and other normal duties.