Lycamobile questions after French sentence
After Lycamobile’s French companies were recently fined 10 million euros by a Paris court for money laundering and value-added tax (VAT) fraud, concerns were raised whether the company had used illicit cash to invest in EAP Broadcasting Networks which operates two television channels and three radio channels.
Lycamobile, owned by Subaskaran Allirajah owns Sky Media Networks that operates two TV channels including Sitha TV and Swarnavahini and 3 Radio channels alongside Max Broadcasting Networks which operates one TV channel and radio channels each.
Now Sri Lankan authorities are raising questions on whether the money for this came through illicit funds.
The group’s former chief executive officer Christopher Tooley was sentenced to three years’ imprisonment and fined 250,000 euros for complicity in the VAT fraud, agency reports said.
Four months after the trial ended, the court ruled that the companies had ‘knowingly participated in a complex and elaborate system of money laundering” between 2014 and 2016, with 17 million euros.
This system emmeshed a series of shell companies, two Lycamobile salespeople and resellers in the Parisian district of La Chapelle, the reports said. It operated to benefit construction companies demanding cash to illegally pay employees.
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