The Committee on Public Enterprises (COPE) has identified financial and governance weaknesses at the Ceylon Shipping Corporation following a review of Auditor General’s reports and the corporation’s performance.

COPE noted the corporation invested Rs. 630 million in six subsidiary and associated companies but received only around Rs. 400,000 in annual dividends.

The committee also raised concerns over acting appointments to senior posts, an outstanding US$47 million loan, and alleged irregularities, directing that the corporation be restructured.

COPE further recommended that any suspected irregularities be investigated by the CID or the Commission to Investigate Allegations of Bribery or Corruption, if necessary.