SLC uncovers possible embezzlement attempt

Sri Lanka Cricket (SLC) is in the process of recovering approximately USD 165,000 in broadcasting rights, after having discovered a possible second internal attempt to misuse board funds in the space of one month.

The board had commissioned accounting firm Ernst & Young to conduct a special audit of its accounts after the first alleged misappropriation of funds was discovered in September.

The latest irregularity is due to the transmission rights of the South African tour of Sri Lanka, which concluded in mid-August. SLC expired approximately USD 1.1 million from the station, and the money was owed in three installments. It is believed that the first two payments were received by SLC without problems, but the final tranche (15% of the total) never entered the SLC accounts. It is understood that entered into a separate account of the United States.

SLC is now closely analyzing possible bad financial practices within the organization. The board's chief financial officer was put on indefinite leave last month for his alleged role in an attempt to embezzle USD 5.5 million in broadcast money to be paid for the next series against England. The station, Sony Pictures Ltd, played a role in the discovery of this irregularity, when it alerted the board of directors that it was requested that the funds be transferred to an unknown account.

"We learned recently, immediately after that other [false] invoice [for the England tour rights] we examined previous transactions and discovered this," SLC CEO Ashley De Silva told ESPNcricinfo about the alleged misappropriation of the series' funds from South Africa However, De Silva could not confirm whether the expelled CFO was related to this last financial irregularity.

It is worth noting that SLC may have continued unaware of the missing payment of that South Africa tour had it not begun to inspect its accounts. following more rigorously the accusations against your CFO.

In its current form, the Sri Lanka Financial Crimes Investigation Department is currently investigating the incident involving transmission rights in England.

"Media transmission rights and receipts and payments" for the years 2013 – 2018.


Be the first to comment

Leave a Reply

Your email address will not be published.