May 21, Colombo (LNW): Former Finance Minister Ravi Karunanayake has alleged that thousands of Letters of Credit for vehicle imports were opened just 24 to 48 hours before the government suspended such imports, demanding a parliamentary probe and a “super tax” to recover billions in undue profits.
Speaking amid a rapidly depreciating rupee and surging milk powder prices, Karunanayake contrasted the current economic freefall with the stability maintained during the Yahapalana government. He placed direct responsibility for the rupee’s collapse on the Central Bank’s monetary policy, noting its governor has made contradictory statements in a short timeframe.
A suspicious cluster of thousands of LCs opened days before a major import suspension. Karunanayake warned this would fuel a black market, allowing select individuals to reap billions.
He proposed a “super tax” on these LCs to recover undue gains and urged the government to publish full LC details for independent parliamentary review.