The report, sent by the Auditor General's Department to Lanka Mineral Sands Limited, has been compiled after the department conducted a probe on the mineral sand sales made by Lanka Mineral Sands Limited in 2015.

Copies have been forwarded to the Presidential Secretary and the DG of the Department of State Enterprises, the newspaper adds.

The 'Ravaya' further reports :

When tenders were opened on July 03, 2014, Serendib Logistics had bid for 4,000MT of Hi-Ti Ilmenite for a maximum price of USD 102,99 per MT.

But the tender was called off citing that the bids were not sufficient, when considering international market prices.

However, the loss had incurred after a new tender opened on April 02 had seen to the selling of 5,000MT of Hi-Ti Ilmenite at a price of USD 58,68 per MT.

The report also cites that the purchasing party has also lacked storage facilities to take away the stock and 22026.26MT of the purchased stock had remained unmoved even after 90 days had elapsed since the purchase. However, a late fee had not been imposed.

(Source : Ravaya)