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Cost of aircraft lease agreements much higher than market price

The cost of aircraft lease agreements, signed by SriLankan Airlines in recent times, was 30-40% higher than the current market price, President of the Airline Pilots’ Guild of Sri Lanka (APGSL) Ranjith Vithanage told the Presidential Commission of Inquiry (PCoI) on irregularities at SriLankan Airlines, SriLankan Catering and Mihin Lanka yesterday.

 

Vithanage said he had ascertained the information at issue during discussions with senior officers and representatives of the Aviation Consultants, Nyras of UK, restructuring of the airline.

 

“During a discussion with Nyras, which was also attended by R. Paskaralingam, attached to the Finance Ministry, they accepted that the cost of the SriLankan agreements was higher than market value. Ajith Dias, Chairman of SriLankan Airlines Ltd. has also told us that the lease agreements we have entered into are unworkable.”

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