<ul><li>US response pending on $ 625,000 misdirected in alleged email fraud</li><li>Funds misdirected through email spoofing involving 3rd-party intermediary</li></ul>Approximately $ 625,000 from the Department of Posts, intended for payment to the United States Postal Service (USPS), had allegedly been diverted through a coordinated phishing attack involving a third-party intermediary, according to Postmaster General Ruwan Sathkumara.Cabinet Spokesperson Nalinda Jayatissa first revealed the matter during the weekly Cabinet media briefing on 28 April, hot on the heels of the controversial $ 2.5 million loss of a loan repayment to an Australian creditor by the Treasury, which is currently under scrutiny by the parliamentary oversight mechanism and law enforcement.&nbsp;&nbsp;Speaking to The Sunday Morning, Sathkumara revealed that the illicit transfers had occurred in three distinct phases over a two-year period.“There is one instance involving around $ 900 that occurred in 2024,” he said, explaining that the perpetrators had then significantly escalated their operations the following year.&nbsp;“After that, a large amount, over $ 400,000, was sent in February 2025,” he noted, adding that nearly $ 190,000 had subsequently been sent in October 2025.Although Sri Lanka has requested assistance, efforts to recover the stolen assets are now tied to international cooperation and diplomatic channels.&nbsp;Sri Lankan authorities are seeking assistance from the United States to secure the flagged funds and have requested more information; however, US authorities have yet to respond, the Postmaster General said on Friday (1).“We will definitely need the support of the relevant country for that. That is why we are providing our statement to the Criminal Investigation Department (CID),” Sathkumara said.&nbsp;He noted that while contact had been initiated via embassy channels, a formal breakthrough was still pending. “We are trying to get confirmation from the USPS, but there has been no response from their side yet.”Preliminary findings suggest that the breach had occurred within the communication channels used between Sri Lanka’s Department of Posts and its American counterpart. According to the Postmaster General, it is suspected that a malicious third party had successfully intervened in the digital correspondence, masquerading as an official entity to misdirect the financial transaction.&nbsp;Sathkumara explained that the fraud had been facilitated by a middleman who had managed to infiltrate the final stages of the communication process.“It is suspected that it was a phishing-style incident involving a third party,” Sathkumara said.&nbsp;He further clarified the mechanics of the deception, noting that the communication had appeared legitimate to the staff involved.“In this instance, much of this occurred because of communication with a third party via email. It was made to appear as though the communication was coming from the USPS. If it had been checked properly, this could have been avoided,” he added.The financial impact involves two distinct payments. While one payment is currently under a hold status, the other is believed to have been successfully siphoned by the fraudsters.&nbsp;According to the Postmaster General, a sum of over $ 400,000 remains the subject of intense verification efforts.&nbsp;Significant discrepancies in the recipient data have raised alarms within the department, as the beneficiary name, account number, and bank listed were all different from the official USPS credentials. “Since there is such a suspicion, we are investigating further as to how it happened,” Sathkumara said.&nbsp;The CID has launched a comprehensive probe into the sophisticated cyber fraud that resulted in this loss. The investigation remains in its active stages as authorities work to record statements and trace the digital footprint of the perpetrators.&nbsp;Sathkumara noted that the sensitive nature of the ongoing inquiry prevented the full disclosure of all technical details at this stage. “CID officials are currently recording reports for the investigation, so it is difficult for me to provide many details at this moment,” he said.In response to the breach, the Department of Posts is reviewing its internal financial protocols and communication systems. The Postmaster General emphasised the importance of adhering to the established circulars provided by the Universal Postal Union and the International Post Corporation (IPC).&nbsp;Moving forward, the department intends to implement more rigorous verification measures to ensure that all financial transfers follow secure, authorised routes rather than relying on email-based instructions. Sathkumara indicated that the department was discussing the adoption of a more secure system with relevant stakeholders to prevent the recurrence of such an incident.

$ 625,000 cyber fraud: Fraud occurred in 3 phases during 2024/’25: Postmaster 

<ul><li>Multi-year plan to dismantle levy structure, sensitive sectors get extra time to adapt</li></ul> The Ministry of Industry has detailed the structure, timelines, and safeguards of a reform under which Sri Lanka is set to fully phase out the long-standing Commodity Export Subsidy Scheme (CESS) levy by 2029, as part of a multi-year tariff reform programme backed by international lenders, including the World Bank, following Cabinet approval.CESS, a para-tariff imposed in addition to normal Customs duties, was originally introduced to protect selected local industries and generate revenue.&nbsp;The joint Cabinet paper on the reform was presented to the President in his capacity as Minister of Finance, Planning, and Economic Development by Minister of Industry and Entrepreneurship Development Sunil Handunnetti.According to the paper prepared by the Ministry of Industry, seen by The Sunday Morning, the Government plans to gradually remove the remaining CESS charges applicable to 2,634 Harmonised System (HS) product categories. The move forms part of a broader effort to simplify Sri Lanka’s complex import tax regime, improve trade competitiveness, and increase transparency.&nbsp;The policy paper notes that these additional costs have increased production expenses for Sri Lankan industries, particularly export-oriented sectors, reducing their ability to compete internationally. It states that multiple layers of para-tariffs have created a structure lacking transparency and predictability.&nbsp;Immediate action in 2026 will target goods with minimal domestic impact or those critical to export sectors.&nbsp;CESS on 265 fabric-related HS codes was fully removed by 1 April and replaced with Value-Added Tax (VAT), a move aimed at levelling the playing field for the apparel industry.&nbsp;Goods with marginal CESS rates below 5%, covering 46 HS codes, will also see complete removal in the first year. In addition, 693 categories of intermediate goods will receive an immediate 50% reduction, lowering raw material costs for manufacturers.&nbsp;The second phase, spanning 2027–2028, will focus on completing reductions for standard intermediate goods. The remaining 50% of the levy on these items will be removed in two equal stages: 25% in 2027 and the final 25% in 2028. This is said to allow businesses time to adjust pricing structures and supply chains as import costs gradually decline.&nbsp;A separate, more gradual approach has been adopted for sensitive industries, with the phase-out backloaded to provide extended protection. For 107 HS codes linked to sectors such as tiles, cement, and tyres, no reductions will be implemented in 2026.&nbsp;Cuts will begin in 2027 with a 25% reduction, followed by a further 25% in 2028, while the remaining 50% will only be removed in 2029. This extended timeline is intended to give these industries the maximum possible window to improve productivity and competitiveness.The reform will reach full completion in 2029, with the final removal of levies on 1,523 remaining goods, largely consisting of final consumption items, marking the end of the CESS regime.&nbsp;The first phase of the CESS phase-out began in March 2023 through Gazette Notification No.2325/06, following a Budget policy announcement. The 2026 Budget has reaffirmed the decision to eliminate para-tariffs on a phased basis.&nbsp;Speaking to The Sunday Morning, Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe stressed that the existing para-tariff regime had constrained Sri Lanka’s export growth. “As a small country, we cannot grow exports without creating trade connections with other countries,” he said, noting that exports had remained stagnant at approximately $ 12 billion.Abeysinghe noted that while para-tariffs had been introduced to protect local industries, long-term outcomes had been limited. “Some industries in our country have enjoyed these para-tariffs for over 10 years; however, their productivity has not increased,” he said, adding that these taxes had driven up consumption costs and the prices of industrial raw materials.He also highlighted the impact on the construction sector, stating that cumulative para-tariffs had pushed construction costs in Sri Lanka 100–130% higher than in other countries, affecting housing affordability.&nbsp;While the broader removal began in April, the Ministry of Industry has intervened to protect sensitive local sectors. Abeysinghe said that the removal of CESS for 107 HS codes, including tiles, cement, and tyres, had effectively been delayed until 2028 to provide time for adjustment.In order to address concerns over a potential influx of cheap imports, the Government plans to strengthen safeguards, including anti-dumping laws, enforcement of national quality standards, and enhanced Customs oversight to prevent under-valuation.Meanwhile, the Exporters’ Association of Sri Lanka (EASL) has expressed strong support for the removal of CESS and other para-tariffs, arguing that the reform would enhance Sri Lanka’s global trade competitiveness while modernising its trade regime.&nbsp;EASL Chairman and Joint Apparel Association Forum Sri Lanka (JAAFSL) Secretary General Yohan Lawrence said that the association supported the removal of all para-tariffs, noting that the move demonstrated Sri Lanka’s willingness to engage more actively in international trade and facilitate Free Trade Agreements.Lawrence said the removal of para-tariffs would boost export competitiveness by lowering input costs, improving supply chain efficiency and industrial productivity, eliminating distortions in the tariff structure, and modernising Sri Lanka’s trade regime.&nbsp;He added that the reforms would align the country’s trade framework with World Trade Organization norms, strengthen trade negotiations, support commitments under the International Monetary Fund (IMF) programme, and contribute to long-term economic resilience by creating a predictable, rules-based environment for investors and exporters.&nbsp;Addressing concerns about the impact on domestic industries, Lawrence said that CESS, which had been in place for decades, now primarily served to protect a limited number of large enterprises while increasing costs for consumers.– By Methmalie Dissanayake

Removal of CESS: Detailed plan to remove para-tariff by 2029

<ul><li>Singapore-based supplier invokes force majeure over disrupted maritime routes</li><li>CPC renegotiates delivery timelines to avoid legal fallout</li></ul> The Ceylon Petroleum Corporation (CPC) has deferred four diesel cargoes scheduled for March under tender DK/14/2026 following delivery failures by a Singapore-based supplier, which cited global supply chain disruptions.The supplier had formally notified the CPC of its inability to honour the agreed delivery schedule, invoking force majeure provisions and pointing to instability in key transit hubs, including Khor Fakkan Port.&nbsp;Despite these claims, however, the CPC stated that it did not accept the force majeure position outright, opting instead to renegotiate delivery timelines to preserve contractual continuity.&nbsp;Speaking to The Sunday Morning, CPC Managing Director Dr. Mayura Neththikumarage outlined the legal and operational constraints underpinning this decision.“We never accepted any force majeure claims. A few suppliers cited force majeure, but we informed them that we could not accept it. Consequently, they requested a deferred timeline. No shipments were cancelled, but there were minor deferments. If we had rejected the deferred timeline, force majeure would have legally applied,” Dr. Neththikumarage said.&nbsp;“Internationally, the ongoing war is a recognised fact. If locations like Khor Fakkan are attacked, force majeure is undeniably applicable under frameworks such as the Hague-Visby Rules. We would not be able to contest that in international arbitration. Therefore, our legally valid mechanism was to instruct them to deliver the shipments once Khor Fakkan becomes accessible,” he added.According to him, under tender DK/14/2026, pricing is not fixed at contract execution but is instead determined at the point of delivery, based on a five-day averaging mechanism linked to international benchmark indices. This exposes procurement costs to volatility in global oil markets, particularly during periods of geopolitical instability.&nbsp;Dr. Neththikumarage explained that during the peak of recent conflicts, global premiums on refined petroleum products surged sharply before moderating. The CPC relies on the Platts Index for diesel procurement, ensuring alignment with internationally published price assessments.&nbsp;“At the time of the war, there was a considerably higher price, but it has since come down. For example, the global premium had previously gone up to between $ 50–60 per barrel, but it has now dropped. For the diesel shipments, there is a specific Platts Index. The index had reached $ 291.82, but we managed to secure deals between $ 281–288 when the prevailing world price was $ 290. Both parties have no control over the index price, as it is a published standard,” he said.“Diesel prices have experienced a decline recently. Under normal circumstances, we receive 35,000–37,000 MT per vessel. The finalised domestic cost depends entirely on the arrival date, which is calculated using a five-day average. In early April, the landed cost was nearing Rs. 300 per litre, but it later dropped below Rs. 200. We are unable to cancel shipments based on force majeure claims, but we have the authority to alter the delivery dates to navigate the inconsistencies of the global supply chain,” he added.Despite the deferment of the four March shipments, the CPC official maintained that national diesel supply remained stable, with sufficient inventory to meet current demand. Consumption patterns have eased following the conclusion of the Sinhala and Tamil New Year period, which typically sees elevated industrial and transport activity.&nbsp;“There is absolutely no shortage of diesel in the country at present. The national requirement was relatively high prior to the New Year period, but demand has since decreased because many industries ceased operations last week. Furthermore, if the country receives adequate rainfall, the demand for thermal power generation will decrease even further. Our supply management relies on agile planning. While it is impossible to predict the exact developments of a global war, we have ensured that our fuel supply remains firmly under control until at least September.”

Diesel supply: CPC defers four diesel shipments 

Political parties across Sri Lanka marked International Workers’ Day on Friday (1) with rallies, meetings, and events islandwide, with major gatherings centred in Colombo.The ruling National People’s Power (NPP) organised 21 rallies across 21 cities under the theme ‘Jana Rajayata Jana Balayak’ (people’s power for the people’s government).President Anura Kumara Dissanayake attended events in Nuwara Eliya and Maharagama, where he declared that the Government enjoyed strong public trust nationwide.&nbsp;“This is a Government built by the people, protected by the people, and now delivering benefits to the people,” he claimed.He highlighted key Government priorities, including improving incomes, housing, education, and law enforcement, and highlighted recent measures such as wage increases in the plantation sector, fuel subsidies, and relief for communities affected by Cyclone Ditwah.&nbsp;The President also dismissed what he called Opposition attempts to destabilise the administration, asserting that a government with a strong public mandate could not be overthrown by small factions.The main Opposition Samagi Jana Balawegaya (SJB) held its rally at the P.D. Sirisena Ground in Maligawatte under the theme ‘Pacha Madiwata Horu’ (thieves on top of lies), seemingly taking a jab at the ruling party.Opposition Leader Sajith Premadasa used the platform to challenge the Government to hold the long-delayed Provincial Council Elections, arguing that the public must express their democratic will.&nbsp;He criticised the Government over economic management, governance failures, and alleged corruption, claiming that public institutions had been weakened under the current administration.Although the United National Party (UNP) declined to join the SJB rally, citing the day’s coincidence with a Buddhist holiday, UNP Leader and former President Ranil Wickremesinghe extended his wishes to the SJB while issuing his own critique of the Government.He alleged that the rising cost of living was burdening ordinary citizens while those in Government continued to enjoy privileges, and accused the administration of avoiding Provincial Council Elections out of fear of electoral defeat.Sarvajana Balaya Leader MP Dilith Jayaweera delivered a pointed attack on President Dissanayake at his party’s rally at the Henry Pedris Ground in Colombo, alleging the President was acting as a proxy for former President Wickremesinghe.He argued that the current Government lacked an independent legislative identity and that many of its policies were simply continuations of the previous administration’s agenda. Using a colourful metaphor, he described the Government as a book written by Wickremesinghe, with only the cover belonging to Dissanayake.The Ilankai Tamil Arasu Katchi (ITAK) marked the day with two rallies in the north and east – in Mankulam, Mullaitivu and Pattipalai, Batticaloa. The Batticaloa rally, led by MP Shanakiyan Rasamanickam, called for a new constitutional framework granting Tamil people the right to govern their traditional areas.The ITAK demanded higher wages for daily earners, relief for the self-employed, accountability for electricity tariff hikes, the release of Tamil political prisoners, the return of military-held lands in the north and east, and the repeal of the Prevention of Terrorism Act. The party also reiterated calls for abolishing the executive presidency and introducing a federal constitution.The Sri Lanka Freedom Party (SLFP) held its rally at Campbell Park in Borella, where General Secretary Duminda Dissanayake alleged that 6.4 million NPP voters had been misled by false promises. He urged the public to reassess their political choices and pointed to the SLFP’s past development record as evidence of the party’s credibility.Other parties, including the Frontline Socialist Party (FSP), also held events, reflecting a broad and politically charged Workers’ Day across the island. The Sri Lanka Podujana Peramuna (SLPP) opted for religious observances at its Headquarters.&nbsp;

International Workers’ Day: Rallies highlight rifts and reform

The Police on Friday (1) clarified earlier statements regarding the Criminal Investigation Department (CID) summons issued to External Resources Department (ERD) Assistant Director Ranga Nishantha, who was found dead in Kuliyapitiya.&nbsp;Initial comments to the media by Acting Police Spokesperson SSP Minura Senarath suggested that Nishantha had failed to respond to a CID summons, raising concerns over a lack of cooperation.&nbsp;However, Senarath later clarified that the issue stemmed from delays in appearing on scheduled dates rather than non-compliance.&nbsp;“He had not appeared on the exact dates he was summoned. For example, if asked to appear on 1 April, he would come on 3 April. However, he provided statements on three occasions and handed over his equipment to the CID,” Senarath said.&nbsp;Nishantha, who had been suspended in connection with an alleged cyber fraud involving the diversion of $ 2.5 million from the Treasury, was found dead behind his residence on Thursday (30 April). Police said he had gone to the rear of his house at around 10 a.m., and his body was discovered at approximately 2 p.m.&nbsp;Meanwhile, the circumstances surrounding the death remain under investigation. The Police initially indicated that the death appeared to be a suicide, stating that he had caused fatal injuries to his arteries. However, speaking on Friday, Senarath said the cause of death had not been conclusively determined, noting that it “could be a suicide or due to another reason”.&nbsp;A panel of four judicial medical consultants has been appointed to conduct the post-mortem examination, which was carried out on Friday at the Teaching Hospital, Kuliyapitiya.&nbsp;Nishantha had been interdicted along with several other senior Finance Ministry officials pending a disciplinary inquiry into the cyber fraud incident, which involved funds earmarked for an external debt repayment to an Australian creditor. The suspended officials included a Director and an Assistant Director from the ERD, as well as a Director and an Additional Director General from the Public Debt Management Office (PDMO).

Death of ERD Assistant Director: Police corrects statement on ‘non-compliance’ with CID

<ul><li>5 cargoes scheduled to secure uninterrupted power generation through Sept.</li></ul> Unloading of the first of five coal shipments under the emergency tender has commenced as part of a contingency strategy to ensure uninterrupted electricity generation, authorities said last week.This, as the Government scrambles to secure stocks as deteriorating sea conditions are expected with the onset of the southwest monsoon.Although the Government is confident that all shipments under the emergency coal tender will arrive within the expected timeframe, the successful execution of this plan is essential to preventing future power outages, according to Ministry of Energy Secretary G.M.R.D. Aponsu, who outlined the primary objective of the emergency procurement.“The timely discharge of these shipments is critical to maintaining national energy security during the coming months. Upon completion, we are confident that stock levels and coal inventories will remain sufficient to sustain uninterrupted power generation through September,” Aponsu stated.“The emergency procurement is specifically designed to ensure continuous operations at the Norochcholai coal power plant through September, a period during which fuel supply logistics become increasingly constrained due to adverse weather patterns.”The emergency coal tender was launched to address a potential shortage caused by failures in the previous 2025–2026 procurement, where substandard coal supplied by Trident Chemphar Ltd. fell below required calorific values and included several rejected shipments. The poor-quality coal reduced efficiency at the Lakvijaya Power Plant, forcing higher consumption and increasing risks to equipment due to elevated ash content.To stabilise operations, new cargoes are being procured under tight timelines, with unloading required before rough monsoonal sea conditions from late May to August cause disruption to lightering activities.Providing an update on the delivery schedule, Aponsu confirmed that operations were already underway.“The first emergency shipment has already arrived and unloading is currently in progress. The delivery schedule remains tightly coordinated with three shipments already at port and additional vessels expected in sequence. We expect the second cargo to arrive on schedule, and since each vessel takes roughly five days to discharge, operations are being scheduled accordingly to maintain continuity,” he claimed.Addressing concerns regarding the quality of the expedited coal, the Ministry Secretary dismissed suggestions of reduced standards.“There has been no compromise in standards despite the expedited conditions. Quality assessments have been completed and both the test results and energy output parameters, including those regarding ash content and plant efficiency, are well within acceptable limits,” he noted.He acknowledged that environmental challenges could impact activities during the monsoon season.“There is an inherent risk due to the strong winds and rough seas of the southwest monsoon, which significantly complicate offshore unloading operations. However, barge operators have committed to supporting these operations, and we intend to proceed with our calculated exposure and the full unloading plan, undertaking that risk,” Aponsu said.To protect against potential financial liabilities associated with weather delays, specific clauses have been included in the agreements.“Contractual safeguards have been built into the procurement framework to mitigate financial exposure from the possibility of delays, demurrage, or penalties incurred when vessels are held beyond agreed discharge timelines. The cost structure accounts for potential delays, which would attract charges, while quality-related deviations would result in penalties. These are contractually enforceable, supported by performance bonds and other securities. At present, there have been no issues, and even advance payments have not yet reached the 80% threshold,” he explained.The Ministry Secretary also expressed optimism regarding supplier reliability: “We expect all remaining spot tenders to be fulfilled on time, and we are confident that suppliers will adhere to delivery schedules for the remaining shipments. There are no issues at this stage.”According to Aponsu, the ministry is utilising past operational successes to guide the current unloading timeline.&nbsp;

Electricity generation: Unloading of emergency coal shipment begins

<ul><li>Delivery window revised post-award amid global disruptions</li><li>Subsequent crude shipments secured at lower prices as markets ease</li></ul> Addressing reports of estimated demurrage losses linked to the crude oil tender revision involving Itochu Petroleum Co. (Singapore) Ltd., the Ceylon Petroleum Corporation (CPC) states that any such losses cannot be calculated at this stage.In March, a spot tender closed for the procurement of three crude oil grades – Midland (WTI), Saharan Blend, and Miri Light.A single bidder, Itochu Corporation Singapore, submitted an offer, quoting West Texas Intermediate (WTI) crude at a premium of $ 37.99 per barrel, along with a demurrage rate of $ 350,000 per day.Controversy has since arisen over the demurrage rate, with claims that it is significantly higher than prevailing market rates for similar shipments during the same period.&nbsp;For instance, comparable contracts for Murban crude typically carried demurrage rates between $ 100,000 and $ 150,000 per day.Several reports have been circulated that the CPC could incur losses of up to $ 750,000 due to these demurrage charges.When contacted by The Sunday Morning, CPC Managing Director Dr. Mayura Neththikumarage dismissed these reports.“The ship has not even arrived yet. Nothing has occurred to determine such a loss. Even without the ship arriving, without us making any payment, how can we incur demurrage?” he questioned.He explained that the agreement with Itochu Corporation followed the standard tender process, under which the bidder that complies with the tender conditions and offers the lowest evaluated rates is typically awarded the contract.Demurrage charges, he noted, only arose if a vessel were to arrive at port and exceed the agreed laytime, usually due to delays in unloading cargo. Therefore, without the vessel’s arrival, any estimation of demurrage-related losses would be premature.Commenting further, Neththikumarage said: “We agreed to that rate at the time because it was during a war and that was the prevailing market rate. If you look at our operational history, we have not had to pay demurrage. That is a cost incurred only if unloading is delayed beyond the agreed time. Over the past year, we have not experienced such a situation.”In mid-April, Itochu requested a revision of the delivery window, shifting it from 22–26 May to 28 May–1 June. Under spot tender rules, such post-award changes are generally not permitted and would typically require re-tendering. However, the CPC approved the revised delivery schedule.Neththikumarage claimed that the agreement had been reached during a period when the Iran-Israel conflict was disrupting global trade and driving up prices.“At that time, the premium per barrel had increased to around $ 50, sometimes even higher. This was not unique to Sri Lanka but applied across the global market,” he argued.He added that given the limited availability of suppliers during the conflict, the WTI offer by Itochu was considered competitive. “When prices are high, indices are high and you have to pay more. When indices are low, you pay less,” he said.Neththikumarage noted that subsequent shipments had been secured at lower prices as market conditions stabilised. “In April, we received two crude oil shipments at lower prices, and additional shipments expected next month are also at reduced rates. The only factor is that WTI shipments originate from the United States, with a shipping time of around 45–55 days, as they were loaded in the previous month,” he said.

Crude oil supply: Demurrage loss can’t be calculated yet: CPC

&nbsp;<ul><li>Concerns raised by legal vetting regarding draft discussed with local stakeholders</li><li>Govt. moots 51% controlling share; India to be offered 49% for a 30-year operation</li></ul>The preparation of a draft Memorandum of Understanding (MOU) regarding the development of the Kankesanthurai (KKS) Port in Jaffna, and its proposed operation by an Indian-nominated entity, is coming to a close this month, with concerns raised by the Legal Draftsman being discussed amongst local State stakeholders, Minister of Ports and Civil Aviation Anura Karunathilaka told The Sunday Morning.&nbsp;&nbsp;“The legal department had put forward some concerns, and we discussed those with the relevant stakeholders, including the Ministry of Foreign Affairs, the Sri Lanka Ports Authority (SLPA), and others last week, and we plan to move forward with updating the draft. We believe we can update it by the end of next week. We will then consult the legal experts again with the completed draft and finalise the MOU,” Karunathilaka said.According to him, the finalised version will then be submitted to the Indian Government for its input via diplomatic channels. Well-placed sources at the Ministry of Foreign Affairs said that the process was likely to be completed by the end of the month.“Once we hear from the Indian Government about the draft MOU, we can appoint a committee made up of public officials from both countries to discuss concerns and see what can be adjusted. We will then update the MOU and resubmit it for legal vetting. Once approval is received, we will move to submit the MOU to the Cabinet of Ministers for approval,” Karunathilaka explained.He added that under the current proposal drafted by Sri Lanka, the KKS Port would be operated for a period of 30 years by an Indian Government-nominated operator, with the SLPA holding a controlling stake of 51% and the other party 49%.&nbsp;India had offered approximately $ 60 million in grant assistance for the development of KKS and had sought to operate it for 30 years under an agreement.

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