The South Asian Institute of Technology and Medicine (SAITM) has refuted claims made by Professor Carlo Fonseka that it earned a profit of Rs.1265 million.

‘In regard to the accusations made by Prof. Fonseka, SAITM wishes to clarify with the public that at no point has SAITM earned a profit of Rs.1265 million,’ SAITM said in a statement.

‘SAITM expresses its sympathy towards Prof. Fonseka who does not know the difference between mere Income and Profit. The false propaganda conveyed by him is appalling and are not worthy of his caliber.’

SAITM went onto detail that the ‘false statements made by Prof. Fonseka is an attempt to provoke University students who are being misled by various fractions in order to halt private medical education in the country.’

It explained that SAITM was built with a personal investment from Dr. Neville Fernando at a cost of Rs.700 million within a 4-acre land in Malabe housing 120,000 sqft and that ‘following the obstructions from the GMOA to carry out clinical training, SAITM built its own teaching hospital to accommodate the necessary training.’

 ‘Subsequently, SAITM acquired a loan of Rs.2 billion for its construction and equipment where annually around Rs.500 million is repaid to service the loan in addition to other operational expenses incurred by the institution,’ it said.  

‘The income that has been obtained through student and patient fees has annually been reinvested in improving facilities at the Dr. Neville Fernando Teaching Hospital and SAITM for the benefit of students and its patients,’ SAITM clarified.