BIZ

Cooking oil unfit for consumption released with Customs blessings!

Published

2 years ago

February 2, 2023

editor

The PHIs of Ridigama have busted a large-scale smuggling in which expired cooking oil unfit for human consumption has been released to the market.

The 51,600 liters of canola oil stock used for cooking, which was allegedly brought from Germany, has been found at a warehouse in Ridigama and the stock has been released with the help of Customs officers.

The Public Health Inspectors raided the warehouse located at Annoorpura, Panagamuwa in Ridigama based on information received by the Ridigama Medical Officer of Health (MOH) office.

The oil stock was taken into custody along with a businessman named Iliyas Mohammed of No. 130 A, Annoorpura in Panagamuwa.

A total of 5,160 cans of ten-liter each were found in the warehouse.

The arrested businessman said the oil stock was supposed to be used for soap production.

Though the businessman had said that he had purchased three containers containing these oil cans from the port, he had failed to produce any document.

Investigators said that a ten-liter can was priced at Rs.9,999 and they have been labelled in a foreign country.

The oil cans had no expiry date and the businessman had no receipt to indicate that the goods were purchased.

Officials who conducted the raid said that an address ‘South Pacific Agency, Upper Bomiriya, Kaduwela’ was mentioned on the oil cans as the importer and distributor.

The Rambadagalla Court has given orders to seal the warehouse and send the samples to the government analyst.

When ‘Aruna’ made an inquiry in this regard, the port sources confirmed that several containers seized by the Customs were tendered and released on January 20.

The tender has been called under the number CDV/TS/2023/01.

The cans of canola oil weighing 47,265 kgs have been released for over Rs.15 million.

On December 19, 2022, the government food inspector has approved the use of this oil stock before February 2023.

The price of a liter of canola oil released from the port was Rs.294.18.

The port officials said if this ten-liter can, which was priced at nine hundred and ninety nine rupees per liter, generated a profit of seven thousand fifty rupees, the businessman may have earned an income of over Rs.36 million.

The officials pointed out that the smugglers had tried to release several rice containers on the same day when these containers were tendered with the help of corrupt officials in anticipation of high profits, but they were prevented by the intervention of the Ports Authority Chairman.

Source – Aruna

BIZ

ASPI records an all-time high passing the 14,000 mark

Published

2 days ago

December 12, 2024

editor

The All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) recorded an all-time high, surpassing the 14,000 mark for the first time ever in Sri Lanka.

According to the CSE, the ASPI increased by 150.72 points to close at 14,035.81.

A turnover of Rs. 7.3 billion was recorded at the close of trading.

BIZ

Sri Lankan start-ups ace at SolarX Startup Challenge

Published

3 days ago

December 11, 2024

editor

Sri Lanka has emerged as the country with the highest number of winners at the SolarX Startup Challenge (Asia-Pacific Chapter).

The Challenge launched at COP 28 by the International Solar Alliance in collaboration with Invest India is committed to identifying and fostering innovative solutions in the solar energy sector.
This year, the Challenge has identified top 20 startups from across Asia-Pacific, including Sri Lanka, Australia, Papua New Guinea, UAE, Saudi Arabia, and other countries. Four of the twenty selected start-ups are from Sri Lanka. These start-ups were introduced to the Challenge in a workshop organised by High Commission of India earlier this year, in partnership with Invest India and the International Solar Alliance.

The following winners from Sri Lanka have been awarded grants of USD 15,000 each, alongside acceleration support encompassing mentorship, investor connections, and market access opportunities.

Bio Lanka Exports (Pvt) Ltd : Bio Lanka Exports offers eco-friendly, solar-powered container homes, minimizing material use and construction waste for residential and commercial needs.
Magicbit Pvt. Ltd. : Magicbit provides an open-source, real-time monitoring and analytics platform for solar energy, integrating IoT, cloud, and AI technologies for high scalability and real-time visibility.
Syntax Genie (Pvt) Ltd : Syntax Genie’s AI-driven platform optimizes solar mini-grid management, addressing energy poverty in remote Asia-Pacific areas with scalable and sustainable solutions.
Bluechip Technologies Asia : Bluechip Technologies leverages AI, IoT, GPS, and drone technology to optimize solar project deployment across the entire lifecycle, ensuring efficient site selection and planning.

Invest India is organising the second round of the SolarX Startup Challenge workshop in Colombo on 12 December 2024. This Physical Acceleration Workshop will be a capacity-building event to further empower startups in the renewable energy sector with mentorship sessions, interactive discussions, and pitching opportunities. It will also feature field visits to solar and renewable energy facilities in Sri Lanka, providing startups with hands-on exposure to the local ecosystem.

BIZ

ASPI hits record high

Published

1 week ago

December 5, 2024

editor

The All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) has reached an all-time high of 13,511.73 points, marking an increase of 171.69 points.

The S&P SL20 stood at 4,016.60 points.

The CSE reported a trading turnover of Rs. 5.2 billion at the close of the session.

The previous record was achieved on January 19,2022. Amidst multiple off-board transactions, the turnover surged past Rs.5.2Bn, marking a 48.8% increase from the monthly average.