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Government to take over Sathosa Retail

At the Cabinet Meeting presided by Prime Minister Mahinda Rajapakse yesterday,(20) a Cabinet Memorandum to nationalize the Sathosa Retail Limited presented by Trade and Consumer Affairs Minister Jeyraj Fernandopulle was approved by the Cabinet.

Following the CWE take over by the Government, the 150 CWE outlets spread throughout the country will be reopened soon and the conditions of service of the entire CWE work force, numbering 4825 will be secured, said Minister Fernandopulle. All the CWE branches that were closed and those that are undergoing closure will be replenished with consumer goods as they were before and steps will be taken to provide goods to consumers at concessionary rates, he said.

He further said that the main objectives of taking over were the provision of consumer goods to the public without any scarcity and guarantee security of service to the employees.

A spokesman for the CWE Retail Limited told our correspondent that the Company requested the Government to take over the CWE as soon as possible and also made a request to settle a sum of Rs. 30 million presently due to the suppliers.

We further informed the Government to repay the sum of Rs. 680 million which the company paid to the Government when it was privatised later, but to take over the CWE management soon, he said.

 

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