Sri Lanka to find billions of dollars hidden abroad

Jan 23, 2015 (LBO) – Sri Lanka government to get assistance from the International Monetary Fund (IMF), World Bank and Reserve Bank of India to track down wealth which hidden abroad belongs to the key persons of the former government, cabinet spokesman said.

He said according to the calculation by minister about 700 billion rupees of money has been drawn off from house and other development projects. Cabinet spokesman Rajitha Senaratne said the government had information of the people who had hidden “billions of dollars” in foreign accounts.

Senaratne said Island lacks the expertise to track down and investigate the assets hidden and it was needed to get the help form IMF and World Bank expertise.

Government has also appointed a committee to investigate alleged financial misdeeds and corruption of the former government.

Power minister Patali Ranawaka said in according to repot by the Moratuwa University, Colombo about 200 billion rupees of money has been siphoned away from recent road development projects in 2013.