Gold Conspiracy

From left: Dr. Fernando Im, Senior Country Economist for Sri Lanka and the Maldives, The World Bank, Hon. Eran Wickramaratne, State Minister, Ministry of Finance and Mass Media, Dr. W A Wijewardana, Former Deputy Governor of the Central Bank of Sri Lanka, Prof. Indralal de Silva, Former (Chair) of Demography, University of Colombo, Prof. Amala de Silva, Department of Economics, University of Colombo at the panel discussion on "Demographic Change in Sri Lanka" moderated by Dr. Ramani Gunatilaka, International Centre for Ethnic Studies.

Sri Lanka Customs have filed documents in the Court of Appeal which bares an alleged scheme to subvert officials in at least three government departments in a an elaborate conspiracy to defraud the government of tens of millions of rupees in revenue, from the import of GoldQuest products. Sri Lanka Customs have filed documents in the Court of Appeal which bares an alleged scheme to subvert officials in at least three government departments in a an elaborate conspiracy to defraud the government of tens of millions of rupees in revenue, from the import of GoldQuest products. The explosive revelations are contained in e-mail correspondence allegedly exchanged between SAR Shipping, a local firm that imported the goods, and GoldQuest International of Hong Kong.

Customs seized the goods on charges of under-valuation and failure to submit remittance details as required by regulation 2(1x)(a) of the Import and Export Control Act of 1969 where payments have been made in advance.

The ultimate customers of GoldQuest paid for the gold products in advance via their credit cards at prices ranging from US$ 560 to US$ 1000.

But SAR Shipping, the local company importing the gold coins in bulk, did not disclose the transaction price to customs, but instead submitted a commercial invoice from GoldQue