Saturday, 21 October 2023 10:17

National Housing Development Authority incurs Rs20 bn loss Featured

Accumulated losses of the National Housing Development Authority (NHDA) have exceeded Rs. 20 billion while disparities have taken place since 2015, as revealed by the Committee on Public Enterprises (COPE) today.

The total losses at NHDA have been Rs. 5 billion during the last few years. Total loans that have to be collected are more than Rs. 10 billion. It was revealed that loans worth Rs. 10 billion have been disbursed in 2011 without any collateral.

The losses have occurred during the tenures of various ministers, even during the previous Yahapalana government.

It was further revealed that some 5,296 were recruited to the institution during the period from 2015 to 2019 while 2,148 had been from Hambantota District.

Accordingly NHDA has been overstaffed until recently while an extra sum of Rs. 2,148 million has been spent for salaries as a result of an over-staffed situation.

However, the trained staff of the institution has been removed as of now and only 167 are working at the moment.

 

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