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| Monday, 25 October 2004 |
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Rs. 1.4b in foreign exchange siphoned out of country via Pyramid scheme by Asanga Warnakulasuriya Rs. 1.4 billion of Sri Lanka's foreign exchange reserves had been siphoned out of the country via the Pyramid scheme, latest Customs investigations reveal. Earlier, President Chandrika Bandaranaike Kumaratunga lambasted Pyramid operators and lamented over the drain in foreign exchange and came forward to endorse and approve legislative actions initiated by the Central Bank and Customs authorities of the country to bring to a halt the Pyramid schemes in the future. The Central Bank also warned the public against buying these gold products of the Pyramid scheme. In a recent Appeal Court case, it was brought to light that local agents had undervalued a stock of imported gold coins and artifacts to be $38,000 when the actual amount exceeded $200,000. The Government had lost nearly Rs. 40 million as duty due to this undervaluation, a Customs official said. There are eight such court cases against the local counterpart, official said. President of the Union of the Customs Superintendents Anil de Silva told the Daily News that several high ranking officers in a Government Department are alleged to have been involved in the scam. Because of such involvements, the security of officers conducting investigations are under threat and the honest, talented and dedicated officers had left the country, he claimed. Following the attempt by three gunmen on the life of G. H. G. A. Lankadeva, Superintendent of Customs investigating into a gold coin scam on July 1, 2004, Lankadeva had no other option but leave the country with his family fearing life. The Customs Union claims that although Finance Minister Dr. Sarath Amunugama took prompt action visiting the Customs personally and even approving a Rs. 2.5 million reward to informants and Rs. 2.5 million to Police to go after the suspects, the Minister's written approval was not given to Lankadeva till end of September. "Lankadeva got the letter only on September 30 leading us to believe that senior officers had acted in defiance of the Minister's orders," a union spokesman said. |
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