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.
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“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