Rs.4.8bn lost in 2016
According to the latest interim accounts by the Treasury, Lak Sathosa lost 4.8 billion rupees in 2016 and has accumulated 12.3 billion in bank debt up to April 2017.
Lak Sathosa, which is currently on an aggressive expansion spree under the Ministry of Commerce Minister Rishard Bathiudeen, has reportedly not submitted audited accounts to the parliament for five years.
The loss-making retail chain has 380 outlets currently and is further being expanded under the patronage of the subject minister. Lak Sathosa was started during the tenure of Bandula Gunewardena as the Commerce Minister after the original SATHOSA collapsed as a result of accumulating billions of losses.