Former Western Provincial Councilor SJB member Niroshan Padukka has alleged that insider information linked to a recent vehicle import tax decision was leaked to select businessmen before the official gazette notification was issued.
Speaking to reporters opposite the Central Bank of Sri Lanka, Padukka claimed that an extraordinary gazette issued by President Anura Kumara Dissanayake on the 15th imposed a 50% surcharge on vehicle imports but exempted for vehicles for which LCs were opened on or before that day.
“The President writes the letter on the 15th and issues the extraordinary gazette. But the problem is, how did two prominent businessmen in this country know this beforehand?” he asked.
According to Padukka, two businessmen had opened Letters of Credit (LCs) on the same day to import a total of 4,000 brand-new vehicles under the previous tax rate.
He alleged that one businessman arranged imports for 3,500 vehicles while another secured imports for 500 vehicles.
He questioned how the businessmen had prior knowledge of the tax decision, suggesting that confidential information regarding the gazette may have been leaked before publication.
“According to my knowledge, more than Rs. 40 billion worth of LCs were opened last Friday. Because of this, the rupee was devalued, Is this not a scam? Is this not insider trading? Is this not a robbery bigger than the Treasury scam?” he said.
Padukka alleged that the surge in vehicle import LCs contributed to the recent depreciation of the rupee, claiming the US dollar rose from Rs. 323 on Friday (15) to Rs. 334 by Monday evening.
“When the dollar rises by 11 rupees, we become suspicious. When we checked, Letters of Credit had been opened for 4,000 vehicles,” he said, alleging that the state lost more than Rs. 20 billion in potential tax revenue due to this.
Padukka said he had visited the Central Bank of Sri Lanka seeking details on the approval of the LCs and questioned why authorities had failed to monitor or halt the transactions. (Newswire)