Dayasiri calls for independent investigation into coal imports

SJB Kurunegala District MP Dayasiri Jayasekera yesterday alleged serious irregularities in the tender process for the supply of coal to Sri Lanka for the 2026/2027 period and called for an independent investigation into the matter. Addressing the media in Colombo, Jayasekera asserted that the tender process had once again become controversial, with allegations that UAE-based Potentia FZCO had been allowed to qualify despite failing to meet key tender requirements. The MP alleged that questions had arisen regarding the conduct of certain senior officials of the Lanka Coal Company and members of the Bid Evaluation Committee (BEC). He maintained that the transparency and fairness of the procurement process had been compromised. Jayasekera said the tender procedure required all bidders to demonstrate an annual turnover of at least US$100 million for each of the preceding three consecutive years. However, he claimed that Potentia FZCO had provided evidence of such turnover for only two years, while the third year’s submission consisted of unaudited management accounts that had not been independently certified. He alleged that another mandatory requirement, maintaining a minimum working capital of US$30 million, had not been met. According to Jayasekera, the company had shown only about US$4 million in working capital and had included nearly US$29 million expected to be received from the Lanka Coal Company for previous supplies in order to satisfy the requirement. “The purpose of the working capital criterion is to establish the supplier’s independent financial strength, not future receivables,” he said. Jayasekera also referred to a petition filed by Potentia FZCO before the Court of Appeal challenging the cancellation of an order for the supply of an additional 225,000 metric tonnes of coal under a previous contract. He noted that the petition had been dismissed by the Court of Appeal in June this year. The MP stressed that Sri Lanka’s electricity generation depended heavily on uninterrupted coal supplies and that any weaknesses in the financial capacity of suppliers could pose a risk to the country’s energy security. He called on the authorities to provide an immediate explanation and ensure a transparent investigation into the allegations. However, Jayasekera acknowledged that the claims relating to the tender evaluation process and the company’s qualifications remained allegations that required proper verification.