The Board of Investment (BOI) is now obliged to conduct investigations into the failure of their two senior officials in charge of Katunayake Free Trade Zone yard to monitor and duly report the incident of allowing the stock mattresses to perish at open air without reshuffling and reprocessing.
This move has been taken in the wake of Hayleys Free Zone Ltd (HFZ), a subsidiary of Hayleys Advantis PLC, deciding to meet the Board of Investment (BOI) today to present a proposal to BOI.
The ‘free port’ and ‘bonded’ areas in ports and free trade zones have been declared as being outside the Sri Lankan territory, and goods delivered there cannot be subjected to Customs inspections, the import and export regulations in the Finance Act indicated.
It is possible for most BOI ventures to secure such concessions by taking cover behind the Strategic Development Projects Act (2008).
BOI in a statement noted that, “In January 2018, having observed that a significant amount of this cargo was stored within the free zone premises without being re-exported as envisaged."
BOI has given written instructions to the company to strictly comply with commitments laid out in the BOI agreement and the applicable environmental regulations.
Simultaneously, the BOI took further steps to suspend all future imports of used material and the company committed to clear all cargo by end February 2018.
The company however, has failed to meet this commitment and has from time to time requested extensions to comply, citing technical and other constraints.
Since the company has failed to re-export the goods as committed, the BOI has decided to take stern action against the company with a view to concluding this matter expeditiously.
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