The company is said to have been set up through Cabinet approval in 2007 as a private state agency.

But in effect it functioned as a public enterprise and was even opposed by former minister Janaka Bandara and the Attorney General's department.

Later on the company functioned under the authority of former Defence Secretary Gotabaya Rajapaksa.

Gotabaya is said to have appointed a well known elephantine thief Udeni Wickremasinghe as the chairman of the company without any documentation.