Responding to the long-standing debate and allegations regarding the SupremeSAT communication satellite project in the Sri Lankan Parliament, Prime Minister Harini Amarasuriya revealed several important facts.
The statement was made based on official information received from the Board of Investment (BOI) as the Minister in charge of the subject. She stated that although the Sri Lankan government has not spent any money on the satellite, it will generate over Rs. 20,000 million annually for Sri Lanka.
Her statement included the following points.
”The SupremeSAT Company entered into an agreement with the Board of Investment of Sri Lanka on 23 May 2012. During 2013 and 2014, this institution has invested Rs. 12 million, 14 thousand, 936 for the communication satellite.
According to the information in the investment application submitted by the company, the Government of Sri Lanka has not invested any money for this project.
The company has invested this amount as a project focused on the domestic market under Section 17 of the Board of Investment of Sri Lanka Act. Supreme SHST Private Limited has entered into an agreement with the Board of Investment of Sri Lanka on 23-05-2012 to establish and operate a satellite system in the Kandy Industrial Park with an investment of Rs. 1,828 million. This project is scheduled to provide telecommunications and broadcasting facilities to subscribers. This project has commenced commercial operation from 27-08-2015. According to available records, the share structure of the company as of 2019 is as follows.
Supreme Ace Investments Private Limited, forty-seven million one hundred eighty thousand two hundred shares. Supreme Global Holdings Private Limited, one hundred eighty eight million three hundred forty four thousand nine hundred seventy shares. The first one is one hundred and twenty. Supreme Global Holdings Private Limited has eighty percent. According to the records of the Board of Investment, Supreme Sat Company has earned the following income as financial benefits to Sri Lanka.
The income in 2015, 2016 is nineteen thousand six hundred and seventeen million rupees.
The income in 2016, 2017 is twenty-eight thousand one hundred and thirty three million rupees.
2017, 2018 is twenty-nine thousand one hundred and six million.
2018, 2019 is thirty-four million, one hundred and sixty-nine.
2019, 2020 is forty-two million, nine hundred and sixty.
2020, 2021 is sixty-two million, five hundred and forty-five.
2021, 2022 is eighty-seven million, seven hundred and eighty-nine.
2023 is thirty-nine million, five hundred according to the first six months.
Mr. Speaker, I have prepared this answer based on the reports provided. Only according to the data and information received.”
Following the Prime Minister’s statement, Member of Parliament D.V. Chanaka stressed that the allegations that the project, popularly known as the “Chee Chee Rocket”, was a “disappeared project with an investment of $300 million” were false. He also challenged the Prime Minister to say whether this project, which brought in 20 million to 30 thousand rupees annually without the government spending a single rupee, was good or bad.
The Prime Minister explained that the size of an investment (big or small) is not the only thing that matters, but whether it is in line with the country’s development goals.