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| Thursday, 26 February 2004 |
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Politics | |
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| Development Lotteries Board brought under President The President has by virtue of the powers vested in her under Article 44 (2) of the Constitution has taken under her control the Development Lotteries Board, effective from February 24. The main task of the Development Lottery incorporated by the Development Lotteries Board Act No. 20 of 1997 is to conduct lotteries and organise such lotteries to generate funds required for the President's Fund established by the President's Fund Act No. 7 of 1978. Accordingly, all funds, except those required for the conduct of the Lotteries and the prizes given away, derived from the lotteries conducted by the Development Lotteries Board should be credited to the President's Fund. The main task of the President's Fund is to disburse funds for the following purposes, subject to the approval of the President. (a) Provide relief for poverty. (b) Development of education or intellect. (c) Uplift religion or carry out religious rites. (d) Make awards to persons who have rendered service to the nation. In addition, 50 per cent of the profits received from the Development Lotteries Board are now used for the educational activities of university students through Mahapola Trust Fund only the balance 50 per cent is used for the above purposes. Accordingly all funds generated by the Development Lotteries Board are disbursed through the President's Fund for the Health, Education and Religious welfare of the people of this country. It has been revealed that such funds are used for other purposes from recent times contrary to provisions of the Development Lotteries Act. For example a project has been started to build houses for lottery prizes and it has been reported that grave financial irregularities has taken place in implementing that project. |
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