Sri Lanka, Dec. 15 -- Former Chairman of the Ceylon Petroleum Corporation (CPC), Dhammika Ranatunga, was arrested today (15) by officers of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) in connection with an ongoing investigation.

According to the CIABOC, the arrest was made this morning in connection with allegations related to the cancellation of three long-term fuel procurement tenders scheduled for the period 2017-2018. It is alleged that the cancelled tenders were replaced with spot tenders at significantly higher prices, resulting in a financial loss of nearly Rs. 800 million to the Ceylon Petroleum Corporation.

Ranatunga is to be produced before the Colombo Chief Magistrate's Court for further legal ...