📈 Open Letter to President Alleges Misuse of State Assets at Royal College

A formal complaint by Royal College alumnus Padmasena Dissanayake has called for a probe into the Royal College Union (RCU), alleging the illegal diversion of state revenue into a private entity. • Allegations of Financial Misappropriation The letter claims the RCU—which recently identified as a private entity before the RTIC—is managing and collecting revenue from state-owned assets, including sports complexes and car parks. This reportedly violates Ministry of Education Circular 52/2023, which mandates that such income be managed by the School Development Society (SDS). • Key Financial Figures RCU Assets: Reported to hold Rs. 759.85 Mn in debentures, allegedly "harvested" from school property. Historical Fraud: Allegation of Rs. 17.6 Mn in misappropriated rugby gate collections from 2017-2018. SDS Status: The 2024 audited accounts of the SDS received a "Disclaimer of Opinion," signaling a total failure in financial transparency. • Legal & National Implications The petition urges the President to enforce the Anti-Corruption Act, No. 9 of 2023 and the Offences against Public Property Act. It warns that allowing a private alumni body to supersede state ownership could create a "blueprint for corruption" across the education sector. • Requested Actions Directing the Ministry to reclaim assets, placing income under the SDS, and conducting a forensic audit of the RCU’s wealth to ensure the rule of law is upheld.