The racket has reportedly taken place with the cooperation of Central Finance.

The Insurance Corporation has taken 16 double cabs from Central Finance in this manner.

The Sri Lanka Insurance Corporation has purchased 16 double cabs from Central Finance after signing a five year agreement effective from March 7, 2013 till March 6, 2018.

Executive Director of the Insurance Corporation Piyadasa Kudabalage and Managing Director A.M.M. de Alwis have approved this move.

According to the agreement, the monthly payment for each double cab is Rs. 146,900 and with the inclusion of VAT, the amount per month has been recorded as Rs. 164,528.

The five year agreement has been signed by the Insurance Corporation and the double cabs have been purchased by the institution.

Sources from the Insurance Corporation say that although the vehicles purchased on lease should belong to the institution, the relevant agreement has been formulated in a manner where the ownership of the vehicles will eventually be vested with the persons using them.