The trio had been sentenced to six months in prison by the Colombo Magistrate’s Court for defaulting on a staggering Rs. 3.5 billion in Value Added Tax (VAT) owed by the company.
The case, filed by the Inland Revenue Department (IRD), stems from unpaid taxes between 2016 and 2019. The accused were initially handed down the six-month sentence for their role in the large-scale tax default.
However, under prison regulations, both Aloysius and one other individual have been released after serving four months of their sentence. The remaining individual is also expected to be released soon, marking the conclusion of a significant case in Sri Lanka's efforts to combat tax evasion.
The case has attracted significant attention due to the involvement of prominent figures in the business community and the substantial tax default that contributed to the legal proceedings.
