CEAT Kelani says not fined by Customs Department

Wednesday, 8 May 2024 00:38 - - {{hitsCtrl.values.hits}}

CEAT Kelani International Tyres Ltd., yesterday assured customers, stakeholders and the general public that the Company has no dispute over Customs Duties with the Customs Department and is not subject to any inquiry or penalty by the Department in relation to Customs Duties.

Responding to media reports that a leading tyre manufacturer is facing legal action and a fine for non-payment of Customs Duties on imported raw materials, CEAT Kelani International Tyres has issued the following statement to the media.

CEAT Kelani International Tyres categorically states that it is not the company that has allegedly defaulted on the payment of fines imposed by the Department of Customs as a penalty for non-payment of Customs Duties due on the import of raw materials.

We would also like to assure our valued customers, all other stakeholders and the public that CEAT Kelani complies with all legal and regulatory requirements in the conduct of its business, including the timely payment of dues.

The manufacturer of nearly half of Sri Lanka’s pneumatic tyre requirements, the CEAT Kelani joint venture’s cumulative investment in Sri Lanka over the past decade alone exceeds Rs. 8.5 billion. CEAT Kelani exports about 20% of its production to 16 countries and plays a significant role in helping the national economy conserve foreign exchange by reducing dependence on imported tyres.