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Tuesday, June 15, 2021

Pyramid Wilmar collects Rs. 800mn profit by palm oil ban?

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In the sudden ban on the import of palm oil, Pyramid Wilmar (Pvt.) Ltd., which involved in the recently discovered sugar scam, is able to collect an additional profit of Rs. 800 million, divulged Samagi Jana Balawegaya (SJB) MP Nalin Bandara speaking at Parliament yesterday (06).

“We know that six gazettes were issued on the import of coconut oil in 2020. Turned down, turned up and turned down again and up again. Why was that? To collect its benefit for a businessman. When the ship was being sailed at the port a gazette was issued curbing the price. Once the man unloaded the stocks another gazette was issued in increasing the price. This was what happened over and over again,” the MP revealed.

He added: “This was being done for the benefit of one dealer, the bigshot of the monopoly Pyramid Wilmar Company. It is collecting the profit at this very moment as we speak. According to information we received, their storages have about 8000 metric tonnes of coconut oil. Now what will happen by ceasing the import of palm oil? The kilo of coconut oil sold for Rs. 485 has now increased up to Rs. 580 – 600. You may multiply 8000 metric tonnes by about Rs. 50,000. The profit per tonne may be about a hundred thousand.”

Therefore, the absence of a clear government policy paved the way for these racketeers to manipulate the market and control it as they wish, the SJB MP further noted.

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