CID launches probe into Rs. 2.7 Billion loss from Lanka Phosphate export deal

The Criminal Investigation Department (CID) has launched an investigation into a controversial export deal involving the Lanka Phosphate Company, which allegedly caused a loss of Rs. 2,700 million to the state.

According to court reports, the company is accused of selling 3,000 metric tons of rock phosphate to three private companies for export during the time of the previous government. The sale was reportedly carried out in violation of standard procedures.

The Illegal Assets Investigation Division of the CID informed the Colombo Magistrate’s Court that the investigation was initiated following a complaint made by a resident from the Nittambuwa area.

The complaint alleges that Lanka Phosphate Company had no proper approval to sell the phosphate stock for export, which led to significant financial losses for the government.

Police have submitted the details to court and obtained necessary instructions to continue the probe, court sources confirmed.