Chairman of Local milk producer, Milco Private Limited, H. Gotabhaya has disclosed financial fraud in the institution reported during the tenure of the previous regime.
Addressing the media, H.Gotabhaya said all necessary measures had been taken to sell Milco Private Limited to India.
He further said that all four factories of Milco and other relevant properties were estimated for a paltry sum of Rs. 25 billion.
“In 2023 it was reported that Milco had incurred a loss of Rs. 501 billion. But as of December 2024, we have reduced it to Rs. 34 million,” the Milco Chairman said.
Addressing allegations that Milco products are hard to find for purchase, he said all measures are being taken to address issues related to the sale of Milco products.
Milco Chairman H.Gotabhaya further announced that no decision has been taken with regard to increasing the prices of their products.
He added that, however, there is a possibility for a price drop with the removal of Value Added Tax (VAT) on certain products. (Newswire)