Sri Lanka, Nov. 1 -- Former Chairman of the Sri Lanka State Trading (General) Corporation, Hussain Ahamed Bhaila, has been arrested by officials from the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).

He was arrested on charges of causing a financial loss of Rs.99,679,799.70 to the Corporation by illegally importing 50 temporary storage units (cocoons) in 2015, which the Corporation did not require.

He was released on bail after being produced before Colombo Chief Magistrate Asanga Bodaragama with two sureties of Rs.1 million each and a cash bail of Rs 50,000. The CIABOC alleged that Bhaila disregarded established procedures for purchasing goods and services and by importing the unnecessary storage units, he co...