Sep 17, 2018

Kotikawatte thrift society hierarchy in funds misuse Featured

Information has come to light that the chairman and the directors of Kotikawatte cooperative thrift society, one of the biggest such societies in Colombo district, have misused its funds.

The chairman and the directors of a registered cooperative society are eligible to receive allowances on the recommendation of the cooperative commissioner only.

However, the top officials of the Kotikawatte cooperative thrift society had obtained Rs. 931,000 without such approval in 2015, according to an audit report.

Chairman Sarath Vidanapathirana uses the society-owned three wheeler for his travelling, but received Rs. 71,750 as travelling allowance during the year.

The society’s manager, who is responsible for all payments, has committed a criminal breach of trust by allowing these payments, say its members.