News
Justice Minister: SL has lost billions of dollars due to lax controls since 2017
By Saman Indrajith
Justice Minister Dr. Wijeyadasa Rajapakshe told Parliament yesterday that over 53.5 billion US dollars that should have been received by the country for its exports for the past 12 years had been held in foreign countries. “This has been revealed by the recent Global Integrity Report by the US. This has happened by the time of assuming of duties by the incumbent Governor of the Central Bank. I have information that after assuming duties he had called on top 100 exporters and asked for details and reports of their volumes of export and incomes. Only 57 exporters responded and of them too the majority have provided the Central Bank with false information or concealed the true figures. This is a serious issue because our outstanding loans for that year amounted to about USD 41 billion. The amount being held in foreign countries as payments for exports due to this country was USD 53.5 billion,” the Minister said.
Minister Rajapakshe said that the unfortunate situation had been created by the fraudulent exporters making use of the loopholes in the foreign exchange law. “Prior to 2017, we had the Exchange Control Act, which had strict provisions and regulations controlling the outflows and inflows of foreign exchange. Even during the times of the Sirimavo Bandaranaike government a special Foreign Exchange Commission was set up to investigate the errant businessmen who resorted to misinvoicing. I can recall how some businessmen who were found guilty were imprisoned. Some died in the prisons. In 2017, the Foreign Exchange Act was
introduced. It relaxed many strict rules and punishments or did away with some of them. Making use of these holes of the regulatory net, many exporters have shifted export proceeds overseas. We either need to amend these laws or to bring in new laws to prevent this because this is one of the main reasons for the economic crisis we are facing today,” the Minister said, adding that all other countries had strict rules preventing mis-invoicing. “We have informed the Finance Ministry of this need,” he said.
SJB MP Champika Ranawaka said that the amount of money lost by Sri Lanka annually was equal to its balance of payments deficit. “This is done by both exporters and importers. This misinvoicing could either be overinvoicing or underinvoicing. The amount that we lose annually is over 20 percent of our total foreign trade,” Ranawaka said.
Latest News
Fuel prices increased
The Ceylon Petroleum Corporation (CEYPETCO) has announced a revision of fuel prices, effective from midnight on Saturday (May 30).
Accordingly,
the price of Auto Diesel has been increased by Rs. 15 to Rs.407 per liter,
the price of Super Diesel has been increased by Rs. 20 to Rs. 478 per liter.
the price of Petrol 92 Octane has been increased by Rs. 24 to Rs. 434 per liter
the price of Petrol 95 Octane up by Rs. 25 to Rs. 495 per liter
the price of kerosene by Rs. 20 to Rs. 285 per liter.

News
Sangha reform drives stymied from within: CBK
Former President Chandrika Bandaranaike Kumaratunga has called for a comprehensive reform programme within Sri Lanka’s Buddhist clergy, warning that repeated efforts to strengthen the Sasana have in the past been derailed by opposition from within sections of the Sangha itself.
In a statement addressed to the Mahanayake Theras of the three Buddhist chapters, Kumaratunga stressed that the long-term preservation of Buddhism depends on safeguarding both the Dhamma and Vinaya, or disciplinary code, and urged urgent internal reform to address what she described as deep-rooted structural weaknesses.
She noted that Buddhist history has consistently demonstrated that periods of institutional crisis were addressed through reform processes, citing precedents from the First Buddhist Council to reforms during the Kandyan era under Welivita Sri Saranankara Thera.
Referring to post-independence efforts, Kumaratunga said initiatives taken during the 1956 Bandaranaike administration to strengthen Buddhism were left incomplete following the assassination of former Prime Minister S.W.R.D. Bandaranaike.
She further stated that during her own presidency, plans to convene a Buddhist Council under the guidance of the late Madihe Pannasiha Mahanayake Thera had received government backing but were ultimately abandoned due to resistance from certain sections within the clergy.
The former President alleged that, on both occasions, vested interests benefiting from existing weaknesses within the Buddhist establishment had worked to obstruct meaningful reform efforts.
Warning that Buddhism in Sri Lanka is currently facing serious challenges, she called for a broad internal dialogue within the Sangha to identify root causes and implement both short- and long-term corrective measures.
Kumaratunga urged the Mahanayake Theras to take the lead in convening a Dharma Sanghayana, or Buddhist Council, and said she was prepared to work with senior lay Buddhist leaders to support such an initiative.
News
Court orders arrest of Basil
The Colombo Fort Magistrate’s Court on Friday ordered the arrest of former Minister Basil Rajapaksa, Tourism Promotion Bureau Chairman Bhashwara Gunaratne, Managing Director Rumi Jauffer and several others over the alleged misuse of Rs. 7.8 million belonging to the Tourism Promotion Authority during the 2014 Uva Provincial Council election campaign.
Magistrate Pasan Amarasena directed the Criminal Investigation Department (CID) to arrest and produce the suspects before court, after it was informed that they would be named under the Public Property Act on the advice of the Attorney General.
The CID told court that attempts to take the suspects into custody from their residences had been unsuccessful as they were not present.
The Magistrate also imposed an overseas travel ban on the suspects and ordered that the Controller of Immigration and Emigration be notified.
Investigations have reportedly revealed that the funds were used to print 12,000 T-shirts bearing an image of former President Mahinda Rajapaksa on one side and the name of a political party on the other.
According to the CID, the T-shirts were later distributed at a political event held in the Monaragala District.
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