Customs Probe on People’s Leasing PLC

[chinwiTop contributor]

Customs probe alleged vehicle racket by state-bank subsidiary

By Chris Kamalendran - Sunday Tmes


Customs officers on Thursday visited the head office of People’s Leasing PLC, and another private company which imports vehicles on behalf of People’s Leasing clients. People’s Leasing PLC reportedly introduces more than 100 clients a month to the importer .

Allegations that PLC is importing vehicles at undervalued prices and thus depriving the country of revenue are being probed by the Customs.

The move came after several vehicle importers complained to the Customs that the company was selling vehicles at lower prices by under-declaring the value of the vehicles and their businesses were affected due to this.
A senior Customs officer said preliminary investigations had revealed that the leasing company had provided loan facilities to its clients to buy vehicles from the importer and thereby was avoiding the payment of taxes to the Customs.



http://www.sundaytimes.lk/140803/news/customs-probe-alleged-vehicle-racket-by-state-bank-subsidiary-109563.html

[SeyonTop contributor]

Customs probe alleged vehicle racket by state-bank subsidiary

By Chris Kamalendran - Sunday Tmes


Customs officers on Thursday visited the head office of People’s Leasing PLC,   and another private company which imports vehicles on behalf of People’s Leasing clients. People’s Leasing PLC reportedly introduces more than 100 clients a month to the importer .

Allegations that PLC is importing vehicles at undervalued prices and thus depriving the country of revenue are being probed by the Customs.

The move came after several vehicle importers complained to the Customs that the company was selling vehicles at lower prices by under-declaring the value of the vehicles and  their businesses were affected due to this.
A senior Customs officer said preliminary investigations had revealed that the leasing company had provided loan facilities to its clients to buy vehicles from the importer and thereby was avoiding the payment of taxes to the Customs.

 

http://www.sundaytimes.lk/140803/news/customs-probe-alleged-vehicle-racket-by-state-bank-subsidiary-109563.html

I have placed some buy orders @ Rs.16.80. After i saw your thread, i have changed to Rs.16.50 and Rs.16 expecting some panic selling. Bad luck it came to 16.80 and bounced back.