The Ceylon Teachers’ Union (CTU) yesterday charged there was a move by the government to hand over the Education Cooperative Union (ECU) with assets worth Rs.20 billion to the Central Bank.
Since its inception, the Cooperative Union has been controlled by an elected board of directors and at present it is being administered by an interim committee appointed by the government CTU Secretary Mahinda Jayasinghe told a news conference the move had been planned with the objective of taking control of the large amount of funds belonging to the ECU. Mr. Jayasinghe rejected allegations made by the Cooperatives and Internal Trade Ministry that frauds had been reported to have taken place during the time the ECU was controlled by the CTU.
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