Channel Eye owned by Sri Lanka Rupavahini Corporation (SLRC) has been given on lease to Lyca Group, according to an agreement reached by the two in end-July.
As per the agreement, the SLRC will be paid Rs. 25 million per month.
The Media Ministry called for tenders on 03 February 2023 to find a private investor for Channel Eye that has been incurring losses.
With a 17 February closing date, two leading communication institutions forwarded bids.
However, soon after media minister Bandula Gunawardena appointed a new chairman for SLRC, the latter gave the channel to Lyca on lease.
SLRC authorities say they signed the agreement as per approval by the ministry.
Since no cabinet approval has been obtained, Gunawardena will submit a paper to ministers tomorrow (14) seeking covering approval, said a senior administrative official of the SLRC.