SLC owes BoC Rs. 1.4 billion

Written by Ceylon Today
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Category: cricket
Published: 05 April 2013
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Sri Lanka Cricket (SLC) is paying a hefty US$ 55,000 or approximately Rs. 7 million monthly as interest to the state run Bank of Ceylon for the existing loan of US$ 11.1 million (Rs. 1.4 billion).

SLC said, out of the US$ 18.43 million bank loans, they had paid of US$ 7.33 million out of commercial revenue generated during the year. In addition Treasurer Nuski Mohamed said SLC had paid off Rs. 950 million owed to various creditors including national players, suppliers and 2011 World Cup creditors during the last financial year.

"Year 2102 was an excellent year for SLC with a nett surplus of Rs. 1369 million. We have used the entire amount for the capital payment including interest to Bank of Ceylon," said Mohamed.

Having failed to convince the ICC to grant them a refinancing facility in January to pay off the loan, SLC is working on obtaining another refinancing facility from Bank of Ceylon to meet the ends in a financially unprofitable year.

SLC owes Rs. 3.2 billion to two state institutions, Sri Lanka Ports Authority and the State Engineering Corporation for the construction of stadiums but Mohamed said that they are discussing with the Treasury to wipe if off from its balance sheet.

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