Sri Lankan Customs have busted a large-scale fraud involving over 10 containers of fabric, allegedly imported under a duty-free scheme valued at more than Rs 3 billion rupees. Initial investigations suggest a well-orchestrated scheme involving top executives of the company, including a father-son duo, their nephew, and an audit manager. The alleged scam is reported to have cost the government and Customs over 10 billion rupees.
Authorities are interrogating a lower-level employee, believed to be the fall guy, while insiders claim the masterminds are planning to escape overseas. Company employees report that several high-ranking officials have quit over the past few years, unwilling to continue under what they viewed as a deteriorating and unethical corporate environment. This has led to mounting frustration among shareholders as stock prices plummet, resulting in millions in lost value and growing concern about the company’s leadership.
Adding to the controversy, foreign factories acquired through public investment funds are reportedly being sold at heavy losses. This raises suspicions of misappropriation and misuse of shareholder funds, pushing the company’s reputation further into question and casting doubt on the future actions of its senior leadership.
