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Entrepreneur reported for corrupt practices

COLOMBO: The plan of a head of a private enterprise to bolt away from the country after cheating over Rs. 2000 million foreign exchange and income tax by misleading several institutions like the Board of Investment and the Employees' Provident Fund, has been reported to the Treasury.

This head of the private enterprise who has taken on lease six estates belonging to the Namunukula Plantation Company has cheated the Government to the tune of well over Rs.2000 million, the treasury sources revealed.

The Company under this person has entered into an agreement with the Board of Investment to export the produce from the six estates, Gonakele, Kanawella, Kandahena,Sinharawa, Hindagala and Kinalan in liquid form and has, under the Agreement enjoyed tax exemptions which he has used for his personal luxurious living.

He has also not paid incentives to the employees of the six estates and has not paid EPF contributions in respect of them.

The products from the produce of the six estates, instead of exporting, he has sold to the local market while there is no trace of any machinery needed to convert the produce to liquid form and to bottle them for export, in terms of his undertaking to the Treasury.

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