The JVP lead Inter-Company Employees Union want Sathosa returned to the people after less than a year under private management. The JVP lead Inter-Company Employees Union want Sathosa returned to the people after less than a year under private management. “Take it back, take it back,” chorused the Sathosa branch of the Inter-Company Employees Union brandishing placards and handing out leaflets in front of the Ministry of Commerce on Thursday.
The Sathosa management and a 49 percent stake were handed to the consortium led by Ceylon Biscuits in a Rs. 680 million deal in December 2003.
The proceeds went to restructure part of Sathosa’s debts, at the time totaling Rs. 9 billion.
Now less than a year later the JVP lead union wants the mammoth loss-maker returned, lock stock and baggage, to the public bosom.
The union says Sathosa must return to State control to act as a price stabiliser of essential food items and also to safeguard employee rights.
“We were promised many things when the privatisation was first proposed. We were to get an increment of Rs. 1,250, which we have not received up to now,” claims