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Overseas travel ban imposed on 4 top officials at MTFE

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The Colombo Chief Magistrate today (11) imposed an overseas travel ban on 04 leading figures of the MTFE SL Group.
The Group is facing charges of conducting activities that could fall under prohibited pyramid schemes.

An investigation has been initiated by the Financial and Commercial Crimes Investigation Division and the aforementioned order was made after officers investigating the case had made a statement to the Colombo Chief Magistrate’s Court this morning.

However, it is learnt that one of the 04 officials who had received this overseas travel ban, had already left for Dubai early this morning.

Earlier, the Central Bank of Sri Lanka too, had formally stated that it was advisable to initiate a separate probe under the CID with regard to the Pyramid schemes, in addition to the current investigation. The CBSL letter had added that it was also prudent to obtain an overseas travel ban since the top hierarchy of the company was capable of going abroad.

It is also said that MTFE SL Group has not been registered under the Central Bank.

The company is a sponsor of the 2023 LPL based on an agreement reached with Sri Lanka Cricket (SLC) and I.P.G. company and accordingly, it was seen how the company printed its logo on the jersey of the Jaffna Kings team and carried out advertising activities in the stadiums where the matches were held.

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CBSL probes Jaffna team’s sponsor MTFE SL Group

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Three injured in Kosgama shooting, including 12-year-old girl

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Three people, including a 12-year-old girl, were injured in a shooting incident at Suduwella, Kosgama, early this morning (6), police said.

They said the victims were travelling in a three-wheeler when two individuals on a motorcycle opened fire using a pistol-type weapon.

The injured include a 30-year-old woman and her 12-year-old daughter, both residents of Avissawella, as well as a 44-year-old man.

All three have been admitted to Avissawella Hospital for treatment.

Police said the motive for the attack and the identities of the suspects have not yet been established.

Kosgama Police are conducting further investigations into the incident.

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Four Sri Lankans arrested at BIA with 378 bottles of liquor

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Four Sri Lankan passengers were arrested by Customs officers at the Bandaranaike International Airport (BIA) this morning while attempting to smuggle in a large consignment of whiskey and cardamom valued at approximately Rs. 15 million.

The suspects, residents of Colombo and Hatton had arrived in the country on IndiGo flight 6E-1183 from Bangalore, India, which landed at 1:00 a.m.

Customs officials uncovered the contraband during baggage checks, finding 378 bottles of whiskey and 132 kilograms of cardamom concealed in 20 pieces of luggage. The items were reportedly purchased from a duty-free shopping complex at a foreign airport.

The four individuals have been detained, and further investigations are being carried out by the Airport Customs Division.

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Treasury sounds alarm over vehicle import boom’s dollar drain

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The Treasury has warned the Central Bank that the enthusiasm shown in the import of vehicles after the ban was lifted could have a negative impact on foreign reserves and urged that precautionary measures be taken.

A senior Treasury official said that in the five months after the restrictions on the import of vehicles were lifted, Letters of Credit to the value of US$ 742 million have been opened, against the proposed target of allowing up to US$ 1 billion.

Accordingly, the Treasury has advised the Central Bank that as the opening of the LCs and imports has been at a rate faster than anticipated, it should closely study the trend of imports and take remedial measures in advance.

The Treasury has pointed out that the outflow of US dollars could have a serious impact on the foreign currency reserves and also on the exchange rates. As a result, there could be an impact on imports of essentials, including fuel.

The longstanding vehicle import ban was lifted in February this year, and so far more than 18,000 vehicles have been brought into the country, while import levies have earned a tax revenue of Rs 220 billion, Customs Spokesman Seevali Arukgoda told the Sunday Times.

The revenue from vehicle imports has made a significant contribution to the taxes in the form of customs levies amounting to Rs one trillion so far for the year. The Customs revenue target for this year is Rs 2.1 trillion.

(sundaytimes.lk)

(Except for the headline, this story, originally published by sundaytimes.lk has not been edited by SLM staff)

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