Hard on the heels of the oil hedging disaster follows another scandalous project where the Ceylon Petroleum Corporation (CPC) entered into a US$1.7 billion refinery expansion with an Iranian company for 50,000 barrels capacity at a cost that is more than twice that of a previous proposal.
The Central Bank (CB) is monitoring other registered financial institutions of the Ceylinco Group after the crisis at the Golden Key (GK) Company, while looking at the possibilities of investigating the company, according to senior Central Bank officials.
