Investigations launched into Rs. 2.7 bn loss from Lanka Phosphate export deal

Investigations have been launched into a controversial deal involving the Lanka Phosphate Company, which allegedly sold 3,000 metric tons of rock phosphate to three companies for export during the tenure of the previous government, resulting in a loss of Rs. 2,700 million to the state.

According to Ada Derana’s court reporter, the Illegal Assets Investigation Division of the Criminal Investigation Department (CID) has informed the Colombo Magistrate’s Court of the matter, initiating the probe following a complaint lodged by a resident of the Nittambuwa area.

The complaint claims that Lanka Phosphate Company had been permitted to sell the phosphate stock for export purposes in violation of established procedures, leading to substantial financial losses for the government.

Police have since reported the facts to the court and obtained necessary directives to proceed with investigations, court sources confirmed.