A fresh probe on Value Added Tax (VAT) refund frauds amounting to Rs. 500 million has been launched by the Inland Revenue Department, officials said. The new probe related to six cases in which 20 people had been accused of fraudulently obtaining VAT refunds, they said.

Petroleum Minister Susil Premajayantha has submitted a cabinet memorandum to streamline the awarding of Ceylon Petroleum Corporation tenders after a series of recent revelations of tender manipulations, a senior CPC official who wished to be anonymous told the Sunday Times.