Sanasa Chairman in trouble for showing false profits despite 230 million loss

The largest Sanasa organisation in the Colombo district, the Kotikawatte Sanasa Society Ltd has apparently done their accounts contrary to the normal practice and shown a profit of Rs. 5.1 million for 2015. However, in reality,  Sanasa has been run at a massive loss by its Chairman for
this year, the Audit reports have revealed.

According to the Audit reports, the loss is Rs. 230 million.

According to the Western Province Cooperative Development Society  2015 Audit report there is disparity in the accounts in the Sanasa accounts books and financial statements made by Sanasa and as at 31 December 2015 and there is a disparity between the cash flow and operation results  for that year.

Further there are the expenses carried out without the approval of the Cooperatives Commissioner and the Chairman together with the Manager had spent millions without the approval of the Committee, the Audit report has revealed.