Meanwhile, directors of Rakna Lanka, appointed by the present government, have decided to cut by half the Rs. 511 million payment due to the company by Avant Garde.

This will cause of loss of state revenue amounting to more than Rs. 250 million, reports say.

On 27 January 2014, a new agreement had been signed to replace the previous several pacts, but it was very disadvantageous to Rakna Lanka, according to reports.

When contacted, an Avant Garde spokesman said they would seek court intervention to recover to dues from Rakna Lanka.

Rakna Lanka, a fully state owned company, signed a new agreement with Avant Garde on 12 October 2015.

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