When the then justice minister proposed the setting up of the arbitration centre in 2012, legal and investment experts warned it would bring nothing for the country.

Also, it has now come to light that a big racket had been involved in the setting up of the arbitration centre.

An audit report by the Auditor General’s Department on 03 November 2015 noted the contractor had been given Rs. 31.4 million in excess.

Located on the sixth floor of the World Trade Centre’s west tower, on a three year agreement with the Board of Investment, its monthly rent alone 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 and Rs. 69,404,229 had been spent on that without obtaining cabinet approval.

Despite many instances of misuse of state funds being cited in the setting up of the centre, PM Ranil Wickremesinghe opened it.

Now, the arbitration centre is closed, but its monthly rent continues to be paid.

However, officials involved in the irregularities have been able to cover them up, as they continue to remain in office under the present regime too.