Abuse of state funds on International arbitration centre covered up!

May 22, 2016

Established on a proposal by the then justice minister in 2012, despite judicial and investment experts’ having pointed out the futility of such a facility, the International Arbitration Centre (IAC) has wasted millions of rupees of public money and remains closed now, reports say.

A report by the Auditor General’s Department on 03 November 2015 noted the contractor had been given Rs. 31.4 million in excess for the IAC located on the sixth floor of the World Trade Centre’s west tower. Also its, monthly rental is Rs. 2,721,591.76.

 

In addition, the 22nd floor of the WTC’s west tower was obtained from Overseas Reality (Ceylon) Ltd. on a three year lease for Rs. 69,404,229 without obtaining cabinet approval.

 

Despite many instances of misuse of state funds being cited in the setting up of the IAC, PM Ranil Wickremesinghe opened it without any announcement in advance in June 2015, but it is not being used for any productive purpose now. Officials who were involved in the irregularities have been able to cover them up, as they continue to remain in office under the present regime too.