Sri Lanka, Oct. 31 -- The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) has arrested the former Chairman of the State Trading (General) Corporation (STC) on charges of causing a financial loss exceeding Rs. 99 million to the corporation.

According to CIABOC, the former official is accused of authorizing the use of temporary storage facilities that were unnecessary for the corporation's operations during a 2015 state procurement process.

Investigations have revealed that this transaction resulted in a loss of Rs. 99,79,799.70 to the STC, while providing an undue financial advantage of the same value to an external party.

The suspect was taken into custody at around 8.30 a.m. today and is expected to be produced...