Int'l Arbitration Centre:

Under corruption probe

by Dhaneshi Yatawara

The Presidential Commission probing large scale corruption has launched a new inquiry into the alleged misappropriation of State resources including large amounts of funds used to set up the recently opened International Arbitration Centre.

The inquiry into the Centre is the latest in a series of investigations launched afresh by the Presidential Commission of Inquiry to Investigate and Inquire into Serious Acts of Fraud, Corruption and Abuse of Power, State Resources, and Privileges (PRECIFAC), Commission Secretary, Lacille de Silva, said.

"Based on public complaints, the Commission decided to initiate investigations on alleged transactions between the Ministry of Justice and the Sri Lanka Handicrafts Board, better known as Laksala, that took place during the setting up of the International Arbitration Centre," de Silva said.

The International Arbitration Centre spearheaded by the Justice Ministry was set up with the intention of developing Sri Lanka as a regional hub in relation to allied services. The Centre facilitates and assists international companies to settle commercial disputes arising from international commercial agreements and dealings. The Ministry of Justice announced the beginning of the construction process in 2011.