State Trading Corp. to be revived

Saturday, 3 December 2011 00:33 - - {{hitsCtrl.values.hits}}

The State Trading Corporation which was sold by the United National Party Government to the private sector for a very low price in 2002 has made a record income of Rs. 250 million after it was re-acquired by the government, news.lk reported.

The Corporation had assets of over Rs. 10 billion and the UNP Government sold it to the private sector to a very low price.

Ultimately only the building for the Corporation remained intact. There were several thousand million rupees of bank loans outstanding.

Under the Mahinda Chinthana policy of reviving loss making institutions the revival of the State

Trading Corporation started in 2008. At that time even payment of salaries of 150 employees in the Corporation was a difficult task.

However, the corporation has tided over all its problems during the last three years and has been successful in earning a record income.