Srilanka, May 18 -- Government sources yesterday refuted some mainstream and social media reports that vehicles have been vastly undervalued at the recent auction of luxury Government vehicles.

According to the President's Media Division (PMD), the auction (conducted via tender) for the sale of 17 vehicles yielded Rs. 200 million for the coffers. However, a PMD spokesman said that some of the vehicles were nearly 25 years old, misused badly and not in a good running condition. Hence, some vehicles could not command prevailing market rates. Of the 26 vehicles scheduled for auction, 17 were sold in the first round of bidding.

Nevertheless, many of the vehicles received bids that were more than the Government Valuer's estimate.

According...