Ex-State Trading Chief Arrested Over Rs. 99M Loss

COLOMBO (News 1st); The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) has arrested Hussein Bhaila, former Chairman of the Sri Lanka State Trading (General) Corporation, over allegations of large-scale financial misconduct.

According to investigators, the charges relate to the importation of 50 temporary storage units in 2015, allegedly carried out without any necessity and in violation of prescribed procurement procedures. 

The move is suspected to have caused a loss of Rs. 99,679,799.75 to the government, while conferring an undue advantage of equal value to an external party.

The suspect is scheduled to be produced before the Colombo Chief Magistrate’s Court.