🚨 Treasury Faces Over Rs. 400 Mn Loss Due to Customs Delay

• Overall Revenue Loss: Sri Lanka Customs has failed to recover penalties and duties following the illegal export of eight containers of scrapped copper in 2014, resulting in a loss of over Rs. 431 Mn to the national coffers. • Penalties Imposed: - An initial penalty of Rs. 529.68 Mn was imposed on the principal offender involved in copper exports, later mitigated to Rs. 176.55 Mn. - Three additional mitigated penalties of Rs. 85 Mn each were levied on related individuals. - Customs forfeited 32,140 kg of scrapped copper across two detained containers, valued at Rs. 31.84 Mn combined (Rs. 17.27 Mn and Rs. 14.57 Mn). • Regulatory & Judicial Status: - Inquiry proceedings concluded in May 2017 were challenged in court. In May 2018, the Court of Appeal directed Customs to recommence and finalize the inquiry. - Nine years later, Customs has failed to conclude the inquiry or enforce collection, based on official records and whistleblower reports.