The Mahapola Trust Fund could pursue legal action against the Presidents Fund to recover over Rs. 1 billion due since 1997.
Mahapola Trust officials claim the delay in payment has cost them an estimated Rs. 200 million in interest income. rn
rnReturns from the Trust, funds monthly allowances to over 7000 students, this number now expected to rise to 14,000 in the next year. rn
rnTrustees accuse the President of holding back on payments due the Fund as an equal shareholder. rn
rnHowever, officials say the President is refusing to release funds, in particular 50 per cent of profits remitted by the Development Lotteries Board (DBL). rn
rnDr. Wickrama Weerasuriya, Member in the Board of Trustees and a financial consultant to the state says the Mahapola Fund put in 50 per cent of the equity to start up DBL in 1983, with the balance coming from the Presidents Fund. rn
rnldblquote It was decided under the guidance of the then President J R Jayawardene for the DLB to remit the full profit to the Pre