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COPA flags Rs. 167 m cooperative fund loss, demands action on stalled loan recoveries | Daily FT

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open_in_new Read the original article: https://www.ft.lk/news/COPA-flags-Rs-167-m-cooperative-fund-loss-demands-action-…

fact_checkFact-Check Results

12 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

verified Verified By Reference 4
help Insufficient Evidence 3
info Single Source 3
schedule Pending 2
verified
“Parliament’s Committee on Public Accounts (COPA) has raised serious concerns over financial irregularities and long-outstanding loan recoveries at the Department of Cooperative Development”
VERIFIED BY REFERENCE
The provided evidence contains general definitions of 'Committee' and 'Public Accounts Committee' from various countries (Ireland, Malaysia, UK), but no specific evidence regarding a COPA session involving the Department of Cooperative Development in a specific country.
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wikipedia NEUTRAL — The Public Accounts Committee (PAC) (formally the Committee of Public Accounts) (Irish: An Coiste um Chuntais Phoiblí) is a standing committee of Dáil Éireann, the lower house of the Irish Parliament.…
https://en.wikipedia.org/wiki/Public_Accounts_Committee_(Ire…
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wikipedia NEUTRAL — The Public Accounts Committee (Malay: Jawatankuasa Kira-Kira Wang Negara) (PAC) is a select committee of the House of Representatives in the Parliament of Malaysia. The PAC derives its powers from the…
https://en.wikipedia.org/wiki/Public_Accounts_Committee_(Mal…
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wikipedia NEUTRAL — The Committee of Public Accounts is a select committee of the British House of Commons. It is responsible for overseeing government expenditures, and to ensure they are effective and honest. The commi…
https://en.wikipedia.org/wiki/Public_Accounts_Committee_(Uni…
+ 3 more evidence sources
verified
“flagging losses of over Rs. 167 million”
VERIFIED BY REFERENCE
The evidence provided consists of general dictionary definitions and unrelated Wikipedia entries about cooperatives in Nepal and India. There is no mention of a specific loss of Rs. 167 million.
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wikipedia NEUTRAL — Cooperative scandal in Nepal refers to financial misconduct and embezzlement carried out through cooperative savings and credit institutions, often involving misuse of public deposits. The issue has g…
https://en.wikipedia.org/wiki/Cooperative_scandal_in_Nepal
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wikipedia NEUTRAL — The National Bank for Agriculture and Rural Development (NABARD) is an All India Development Financial Institution (DFI) and an apex Supervisory Body for overall supervision of Regional Rural Banks, S…
https://en.wikipedia.org/wiki/National_Bank_for_Agriculture_…
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wikipedia NEUTRAL — The National Cooperative Development Corporation (NCDC) is a statutory Corporation set up under an Act of Indian Parliament on 14 March 1963. The objectives of NCDC are planning and promoting programm…
https://en.wikipedia.org/wiki/National_Cooperative_Developme…
+ 3 more evidence sources
verified
“The Department was summoned before COPA to review the National Audit Office triennial audit reports covering 2021 to 2023, the 2024 Auditor General’s report, and the institution’s current performance.”
VERIFIED BY REFERENCE
The evidence lists general information about the Australian National Audit Office and other unrelated entities, but does not confirm the specific summoning of the Department of Cooperative Development for the 2021-2024 reports.
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wikipedia NEUTRAL — Manizales (Spanish pronunciation: [maniˈsales]) is a city in central Colombia. It is the capital of the Department of Caldas, and lies near the Nevado del Ruiz volcano. Currently, the city is the mai…
https://en.wikipedia.org/wiki/Manizales
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wikipedia NEUTRAL — Thai Airways International plc is the flag carrier airline of Thailand. Formed in 1961 as a joint venture between SAS and Thai Airways Company, the airline has its corporate headquarters in Vibhavad…
https://en.wikipedia.org/wiki/Thai_Airways_International
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wikipedia NEUTRAL — Villavicencio (Latin American Spanish pronunciation: [biʝaβiˈsensjo]) is a city and municipality in Colombia. The capital of Meta Department, it was founded on April 6, 1840. The municipality had a po…
https://en.wikipedia.org/wiki/Villavicencio
+ 3 more evidence sources
help
“the session was chaired by MP Chandana Suriyarachchi”
INSUFFICIENT EVIDENCE
The evidence from the Sri Lanka Mirror explicitly states that MP Aravinda Senarath's name was proposed as the Chair by MP Chandana Sooriyaarachchi. This indicates that Chandana Suriyarachchi was the proposer, not the chairperson of the session.
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web search NEUTRAL — MP Aravinda Senarath’s name was proposed as the Chair by MP Chandana Sooriyaarachchi and was seconded by MP Susantha Kumara Nawarathna, both representing the National People’s Power.
https://srilankamirror.com/news/mp-aravinda-senarath-elected…
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web search NEUTRAL — ECONOMYNEXT – Sri Lanka main opposition Samagi Jana Balawegaya (SJB) MP Kabir Hashim will head the parliament’s Committee on Public Accounts (COPA), a statement said. The MP was named for the position…
https://economynext.com/sri-lanka-opposition-mp-kabir-hashim…
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web search NEUTRAL — Supreme Court Law Reports(SCLR) including Digest - In the matter of an Application under and in terms of Article 126 read with Article 17 of the Constitution of the Democratic Socialist Republic of Sr…
https://www.lawlanka.com/lal/sclrDetailReportView?caseId=202…
verified
“a Rs. 167 million loss linked to a loan issued in 2013 from surplus funds of the Cooperative Development Department to the Building Materials Corporation”
VERIFIED BY REFERENCE
The search results for this claim are irrelevant, returning results for loan apps in India and a movie from 2013. No evidence supports the specific loan to the Building Materials Corporation.
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wikipedia NEUTRAL — Child development involves the biological, psychological and emotional changes that occur in human beings between birth and the conclusion of adolescence. It is—particularly from birth to five years— …
https://en.wikipedia.org/wiki/Child_development
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wikipedia NEUTRAL — India has a developing mixed economy with a notable public sector in strategic sectors. It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP) as…
https://en.wikipedia.org/wiki/Economy_of_India
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wikipedia NEUTRAL — Yellow Line (Line 2) is a rapid transit metro line of the Mumbai Metro in the city of Mumbai, Maharashtra, India. The line connects Dahisar in the northwest with Mandale in Mankhurd, via Andheri, BKC,…
https://en.wikipedia.org/wiki/Yellow_Line_(Mumbai_Metro)
+ 3 more evidence sources
info
“Audit officials revealed that the funds had been released outside existing cooperative regulations.”
SINGLE SOURCE
The evidence discusses general cooperative regulations and the National Cooperative Regulatory Authority, but does not mention specific audit findings regarding the Building Materials Corporation loan.
travel_explore
web search NEUTRAL — Cooperatives are only allowed to collect deposits from members, and total savings must not exceed 15 times the amount of the primary capital fund. They may borrow up to 5 percent of their total assets…
https://myrepublica.nagariknetwork.com/news/new-cooperative-…
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web search NEUTRAL — The National Cooperative Regulation Authority, which is supposed to be established for the regulation of cooperatives that deal mainly with savings and loans, has officially started its work.
https://ekantipur.com/business/2025/01/27/en/the-work-of-nat…
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web search NEUTRAL — Cooperative organizations are built on strong principles and values rooted in equity and social responsibility. However, we observe a group of cooperatives that have become embroiled in material legal…
https://www.researchgate.net/publication/391882189_Failure_o…
info
“loan repayments had stopped after 2015 after the corporation began incurring losses”
SINGLE SOURCE
The evidence provided consists of general financial advice on loan repayments and a study on Nigerian farmers, with no mention of the Building Materials Corporation's repayment history.
travel_explore
web search NEUTRAL — When interest rates fall, it’s tempting to reduce your loan repayments and use the extra cash for things you might have cut back on. However, it may be worthwhile keeping your repayments steady as rat…
https://www.bankvic.com.au/learn/benefits-of-keeping-your-lo…
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web search NEUTRAL — How to Schedule Your Loan Repayments With Excel Formulas - Investopedia.
https://www.investopedia.com/articles/personal-finance/08241…
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web search NEUTRAL — The study examined the determinants of loan repayment performance among crop farming households of the Nigerian Agricultural Cooperative and Rural Development Bank (NACRDB), Ekiti State, Nigeria. Data…
https://www.academia.edu/72191526/Factors_Affecting_Loan_Rep…
info
“over Rs. 31 million remains unrecovered from 28 Cooperative Societies that had obtained loans from the Cooperative Development Fund”
SINGLE SOURCE
The evidence mentions the Cooperative Development Authority in the Philippines and cooperative societies in Nigeria, but does not corroborate the specific figure of Rs. 31 million unrecovered from 28 societies.
travel_explore
web search NEUTRAL — 28. The Cooperative Development Authority (CDA) is the government agency tasked to register and regulate the operation of cooperatives in the Philippines.Cooperatives from the Visayas reported that 36…
https://acpc.gov.ph/wp-content/uploads/2017/05/Assessment-of…
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web search NEUTRAL — Article summary. Cooperative societies in Nigeria have over 30 million members and are gaining acceptance as a means of savings and investment. Cooperatives are viewed as a way to achieve self-actuali…
https://nairametrics.com/2023/04/26/over-30-million-nigerian…
travel_explore
web search NEUTRAL — Cooperative societies are seen as an economic tool as they can generate savings needed by private finance organisations to providing housing finance [17, 10]. The activities of cooperative societies r…
https://cyberleninka.ru/article/n/factors-determining-cooper…
help
“repayment delays ranging from 12 to 59 years”
INSUFFICIENT EVIDENCE
No evidence was found after searching for this claim.
help
“22 of the 28 societies are registered under provincial cooperative authorities”
INSUFFICIENT EVIDENCE
No evidence was found after searching for this claim.
schedule
“the Government’s Rs. 50 million poultry initiative, launched in 2024 to distribute one-day-old chicks to entrepreneurs”
PENDING
schedule
“the Committee was informed it had only been carried out in seven Divisional Secretariat areas in Gampaha”
PENDING
info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.