-Vice Chairman of LOLC Accused of Massive Vehicle Importation Scandal and Financial Crimes
(Lanka-e-News -31.Dec.2023, 5.30 PM) In a shocking revelation, Ishara Nanayakkara, Vice Chairman of LOLC, has been implicated in a sophisticated criminal enterprise involving the illegal importation of vehicles into Sri Lanka. The investigation suggests that over 35,000 vehicles have been imported over four decades, creating a revenue stream that catapulted Nanayakkara to become the largest shareholder of LOLC, a company heavily invested in the US Capital market.
The alleged scheme involves cutting imported automobiles into two parts in Japan and then reassembling them in various workshops around the Piliyandala area. This method allowed the perpetrators to evade import duties, resulting in a staggering $3.2 billion in unpaid fees—exceeding the total IMF loan to the Sri Lankan government in 2023.
Nanayakkara's activities extend beyond the borders of Sri Lanka. Japanese export documentation reveals his involvement in a global criminal network exporting vehicles around the world. This not only violates international trade laws but also implicates him in serious offenses, including breach of the Prevention of Money Laundering Act 2002 (PMLA), breach of the Securities Act of 1933, breach of the Securities Exchange Act of 1934, wire fraud, and securities fraud.
The repercussions of this alleged criminal enterprise extend beyond financial crimes. Vehicles assembled in Sri Lanka reportedly lack proper safety features, leading to accidents. It is estimated that around 3,000 accidents have occurred due to safety issues with these vehicles, resulting in loss of innocent lives.
In addition to LOLC, Nanayakkara is reported to be a major shareholder in several banks, involved in the port city investment, and has an overseas investment portfolio funded by the alleged criminal enterprise. These actions potentially breach multiple laws, and it is imperative that Sri Lankan authorities launch a thorough investigation into these allegations.
The gravity of the situation has prompted investigations to be initiated in the United States. The involvement of Nanayakkara in the US Capital market raises concerns about the potential global ramifications of his actions.
In light of these damning allegations, it is essential for Sri Lankan authorities to conduct a comprehensive investigation into Ishara Nanayakkara's activities. The international community is closely watching, and it is crucial to uphold the rule of law and ensure that justice is served.
This investigation sheds light on a complex web of financial crimes, smuggling, and safety compromises, all allegedly orchestrated by one individual. The consequences extend beyond borders and underscore the importance of collaboration between nations in addressing transnational crimes of this magnitude.
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by (2023-12-31 12:05:57)
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