W.M. Mendis agrees to settle tax dues

COLOMBO (News1st): When the collection of tax in the country has declined suspects involved in the Bond Scam that is dubbed the largest financial fraud in Sri Lanka have resumed their business ventures. The excise department has granted liquor manufacturer W.M. Mendis & Co. Ltd. to resume operations after it agreed to settle all of its tax arrears. This was revealed in newspaper reports published today. W.M. Mendis & Co. Ltd., owned by Central Bank bond scam suspect Arjun Aloysius who is currently on bail, had agreed to settle its tax areas in instalments and to pay scheduled taxes every 15 days. Last year, the Inland Revenue Department had uncovered that W.M. Mendis & Co. Ltd., had evaded taxes worth more than 6 billion rupees.