Cabinet has decided to cancel licence issued to W.M. Mendis & Co. Ltd which is owned by Arjun Aloysius of the Perpetual Group to resume operations.
“On the advice of the President Cabinet decides to cancel licence issued to W.M. Mendis & Co. Ltd. (owned by Arjun Aloysius of the Perpetual Group) to resume operations” Ada Derana reported.
Liquor manufacturer W.M. Mendis & Co. Ltd. had been granted permission last week to recommence operations to produce liquor in their distilleries.
The Excise Department had granted permission for the company to recommence operations after its licence was suspended due to the non-payment of taxes since January 2018.
Arjun Aloysius, who is a key figure in the Central Bank Bond Scam, gained control of W.M. Mendis in 2011 when his company Perpetual Capital Ltd. acquired a controlling stake in the popular liquor producer for reportedly over Rs. 1 billion. Following his arrest, the management of the company was given to another party for a 10-year period.
Established in the 1960s, W.M. Mendis & Co. Ltd. is one of the oldest local liquor manufacturers in the country. It is one of the four players in the alcohol industry, which is led by the Distilleries Company of Sri Lanka and also includes Rockland Distilleries and IDL. (NewsWire)