15 November, 2018

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Rajapaksa Ally To Pocket Out Rs 2.5 Billion In Tax Dues: BOI Under Pressure

Alleged front man of former President Mahinda Rajapaksa, Nandana Lokuwithana will have to pay approximately RS 2.5 Billion in taxes due to violation of the Board of Investment (BOI) agreement with Ceylon Steel Corporation (CSC).

Nandana Lokuwithana

Although Ceylon Steel Corporation was granted a ten year tax holiday, the Board of Directors of the BOI under former Chairman Upul Jayasuriya had decided to suspend the exemption granted for the import of raw materials due to non-fulfilment of terms and conditions of the agreement entered into with the BOI on 3rd June 2011. This was after an investigation carried out by the BOI’s Project Monitoring Unit.

According to the Board Paper submitted through the Chairman – dated 5th July 2017 – which is in the possession of Colombo Telegraph, the Project Monitoring Unit had sought board approval for the suspension. According to our information the board was in favour of the suspension although they had decided to wait until the CSC had submitted the clarification with regard to the issue the BOI sought. The BOI had received an unsatisfactory clarification from CSC on 7th July 2017. They claimed in their reply that the BOI had made a mistake in including a condition in the agreement stating that there should be US$ 125 million import substitution to be made by CSC. However in fact SCS had made an import substitution only up to US$ 12 million. They had forgotten the fact that the agreement was signed by both parties, the CSC and the BOI.

Prior to taking the decision on the suspension, the Chairman had come under pressure to withdraw the board paper. However he didn’t succumb to pressure and tendered his resignation and which was followed by the other members, Colombo Telegraph learns.

According to BOI sources, if the BOI had decided to suspend the agreement with the CSC, it will have to repay around RS 2.5 billion the CSC earned though the entitlement of 10% tax exemptions.

However this same board paper will be tabled at today’s board meeting which incidentally is the 1st board meeting of the newly appointed board and the Chairman Dumindra Ratnayaka.

Lokuwithana bought the Ceylon Steel Corporation for US$ 77 million at the invitation of the Rajapaksa regime. Apparently he is now a very close friend of President Maithripala Sirisena and Minister Malik Samarawickrama.

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Latest comments

  • 4
    27

    Instead They must go after big fish: Sampathan

    • 14
      1

      Is that so for you ?

      Here it is again billions.

      Jimsofty, you would never be able to block anything if Rajapakshe would have been arrested in the days to come. SAITM, Harbour and other protests all have been redherring being set by those vicious groups, knowing the imminent arrests ahead of us.
      Now with 2 years gone, they the experts in Investigations have collected sufficient evidence as nothing can stand against.
      Be it with Thadjudeen killers -former Leaders wife and son or any others, in terms within that vicious family, they will not be able to escape it.

      • 1
        3

        why are you talking about the Muslim guy, Thadjueveen Mohamend

    • 12
      1

      When the master’s dog gets hit, the other dogs bark.

      • 2
        6

        Don’t call yourself a dog.

        • 8
          3

          Jim Shitty, even a stray rabid dog is far more a noble animal than filth that is you.

          • 1
            5

            didnt your mum teach you how to talk politely with others. oops your mum is a Tamil right.

            • 5
              1

              Jim Shitty, my mom taught me to smack crap shits like you every time I encounter one. Other than that she said respect people. At lease I was born to a woman, I wonder what you were born to.

    • 10
      1

      JIMSOFTY is fed with all extrements of Rajapakshe as no cure can be the case.

      So go after him can only be seen as wasting time.

      • 8
        1

        Leelagemalli – JIMBO will eat anything that Medamulana Meeharaka excretes!

        • 2
          0

          Mike@

          sadly this is the mentality of masses back in home country.
          One of my friends had to visit the country last 3 wks and returned to Europe.
          He shared me saddest sitaution is not many speak any good about today ‘s overflowing democracy in the country.
          According to my friend, he says, people would not like to respect any laws and orders they just wanted Rajapakshes buggers to return and join hand with them.

          JIMSOFTY may be related to Rajaakshe not to sense any good of democratic values. Nor would he ever see it right inthis life, .. so long the man would not change his attitudes towards the gratitude.
          Current rulers have been caught in catch 22.
          So, all what they have been struggling is making efforts to clear the MOUNTAINS of all high abuses left behind by previous authoritarian regime.

          Lanken average mind set is anti LAW and order, JUSTICE after all taxes.
          In Europe, each any everyone is entitled to a tax sheet.
          Today doctors have been on strike jsut because they have been unable to collect more as was the case during the high days of Ballige putha MR s administration.
          Current govt make no efforts to put DOCTORs above the altar.
          So GMOA or any others are against the current men.

    • 5
      0

      Jim Dim
      When are you going to point your gold fingered finger at your paymaster’ s crooked ways??
      You’re just a crook as your master?
      Be honest man/woman who ever you are,
      Atrocious killings , and thieving had taken place during the last regime! Pl don’t play innocent just because you have severe Amnesia , unable remember anything .
      If you love this country of yours and mine your gold fingered finger should point towards all crooks and murderers ,
      I suppose you don’t live in SL.
      You only go there to have a good time with the past Looters.
      In that case your points are irrelevant.

      • 0
        5

        For all those who bark. I have been told about them. I never ate even from my country because, I have paid back it. Those who eat, write for the pay master. I know it. IT looks it is all stolen money.

  • 28
    2

    So this explains the reason for their resignation AND the barking of Wijedasa R (another crook) to close down BOI !

    How can we rid ourselves of all this muck from govt ? It’s time the citizens marched on to the streets but we DON’T want the other set of Family crooks to return to power

    • 10
      1

      This is catch 22 style.

      So, Rajapakshe crooks should be burnt down together with all the henchmen like in a hindu funeral ceremony, then only lankens can see it beyond.

      It is also no fair to put the blame on the current rulers. They have been caught by all high burdens like paying off huge loans taken by ballige putha et al. They cant reveal all the bits either, knowing that Rajaakshe men wait to interepret it as if the current men are no able to handle them.

      Even if Kakka of Rajapkashes would have been become the size of Meethotamulla Garbage dumps, they have been respected by Punnaku eating masses, just for one single reason, Rajakashe term fouund stop to the terror….. collectivity succeeded is one another story for them.
      These people are so uneducated. They would go after BASTARDS sucha s Wimal weerawanse believing him. People are born stupdid. But politcians abuse their stupidities consolidating their paowers.

      • 1
        3

        “People are born stupid.”

        Including Hinniappu.

        “They have been caught by all high burdens like paying off huge loans taken by ballige putha et al.”

        You better check the record of this Government. They have borrowed more than ‘Bellige Putha’s’. With ‘Bellige Putha’s’ you can see tangible output but with the current ‘B Putha’s there is no output. New Constitution is Ranil’s top priority. Economy is going down the drain. I wonder what happened to Harsha’s Socialist Market Economy and New Management System for Public Enterprises?

        • 4
          0

          Eagle Eye

          “People are born stupid. Including Hinniappu.”

          You are not only born stupid but groomed to be a bigot too.

    • 6
      0

      Well said sir👍🏽👍🏽👍🏽

    • 8
      0

      Crooks: “How can we rid ourselves of all this muck from govt ? It’s time the citizens marched on to the streets”

      I am sure you do recall not so long ago how the South Korean President was removed from office for alleged mismanagement? Earlier this day Nawaz of Pakistan was forced to resign per that country’s Supreme Court Findings! Let us be somewhat comforted that there are some of integrity still in Sri Lanka. It now explains why Upul and his Board resigned. Malik et al are far below any human dignity driven by sheer greed with no brains, no vision and no love for motherland. Rob and plunder the people’s wealth at any and every turn!
      If the thugs and hooligans who make up trade unions and the GMOA could at the drop of a hat take to the street and disrupt civil order to the grave inconvenience of the majority, why not the majority take to the streets in PEACEFUL protest like South Korea and demand crooks with the Government leave – we may as you say – not have anyone left in career politics, including RW!!!!! When Ravi K takes the stand next week I am sure there is likely to be a show down and he is not leaving without taking many more with him down, the likes of Malik and Wijedasa.

  • 4
    8

    Lokuwithanae got 100 Acres in Horana only a couple of months ago……..How can He be an ally of Rajapakasa.???????????……….. Is Diaspora Lingam who got 250 Acres in Kiliyapitya to assemble Dr Ranil’s Hoaxwagens , an ally of the Rajapaksas too?………………….

    • 7
      0

      KASmaalam K A Sumanasekera

      “How can He be an ally of Rajapakasa.???????????”

      The simple principle Businessmen don’t have party loyalty nor loyalty towards party leaders. They see everything in black and white not Blue, Green nor Red.

      Grow up.

  • 9
    0

    Did not Malik S know all this when he stood for Lokuwithana in the Horana deal,
    when Ranil pretended he was not made aware? MS is working in the background
    and the new Board will arrive at a compromise?

  • 7
    1

    Jim Sothy, what a racist idiot are U?
    What has Sampanthan got to do with this? This shows da racist mentality!
    Cos of uneducated, Low IQ idiots like U, MR swindlled , trillions, once richest in SE Asia, now is a pariah state , owes China trillions etc etc.Idiot wake up b4 MR sell da whole country.

  • 7
    0

    This man will get off without paying one red cent . He has very powerful connections now.

  • 4
    0

    Pakistan had a smiliar problem of clean governance several decades ago Ayub Khan took over and steered the country free of corruption.
    Singapore was in the same plight till Lee Kwan Yu turned the country around

    Sri Lanka will have to look for an honest DICTATOR to save the country

  • 1
    0

    SL seem to have financial wizards who have been able to amass millions of $ in a short period of time. So is SL a land of milk & honey for enterprising entrepreneurs? I wonder if the IRS is keeping an eye on them to ensure they pay their fair share & it’s not only the poor PYE mercantile employee & the average man on the street who has to fork out for the stealth taxes in everything he buys.

    • 3
      0

      ” …. land of milk & honey for enterprising entrepreneurs …. ” of course it is for our crooked politicians turned entrepreneurs at the House of Jayawardanapura, and their crooked business friends in the city ………. for them it is land of milk and honey. They have scammed the ignorant voters into putting them in power with the handles to milk the Sri Lanka COW for ever and ever. Give one side or the other side to do the milking, and the voters do the replenishment through their tax burden. What a game!

  • 5
    0

    Why call Lokuwithana a MR ally? Does it matter?
    From this report: “……….Lokuwithana bought the Ceylon Steel Corporation for US$ 77 million at the invitation of the Rajapaksa regime……………”
    Not many people in the whole world will find US$77 Million in a hurry.
    Surprised or not but this sort of goings were going on while we were fed “Beware terrorists are regrouping”
    By the way, SLR2.5 billions is greater than the bonds scam loss!

    • 2
      0

      K Pillai
      Thanx for for your Mathematical clarification , just in case the dimwits of Jimbo softy characters did not know the conversion equivalent of US $$$ of SLRssss.!!

      • 0
        8

        Analyst: You write like a Donkey. It is Wigneswaran who is scared and because of that has become a puppet of LTTE-Rump.

    • 2
      0

      even if the streets of Dubai was paved in gold and he collected as much as he could every day of his life there he could never have collected 77 million dolars

  • 2
    6

    I was told, even those who talk about Rajapakse’s loot had been paid by Rajapakses. So, it is all politics. They exploit voters and stupid journalists. They never get prosecuted.

  • 1
    0

    WR should be sent to mental asylum.

  • 1
    0

    Now everybody can see who is the saviour of Rajsapakse family. Malik is calling the tune at the behest of Ranil. Sagala and Wijedasa are the front men. Its time for the people to come on to the road if they want to save SDri Lanka.

    • 2
      0

      Onlooker:
      That seems an accurate analysis and I agree with your suggested response. Is there any other response that is possible/practical? Mass protest seems to be the only choice open to us in a situation where the choice is between the current lot and their predecessors, particularly when it is becoming increasingly evident that the Yahapalanaya government is covering up for the transgressions of their predecessors.

      • 0
        0

        You are absolutely correct Emil the binding contract for the cover up between Yahapalanaya and the Marapakseya’s was entered into on 5th January 2015 and it will continue indefinitely.

  • 0
    0

    Democracy in Sri Lanka: Government by the rogues for the rogues with the help of rogues!

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