Lyca ventures further into Sri Lanka as French court issues €10 million fine
The Tamil-owned telecoms company Lycamobile has had its former CEO convicted and was ordered to pay a fine of €10 million after being found guilty of money laundering and fraud by a French court last month, just weeks after the company launched a Sri Lankan production arm looking to boost Sinhala-language cinema.
The verdict in the Parisian court comes after years of controversial practices by the multimillion-dollar company, which is reported to have links with the war crimes accused Rajapaksa family in Sri Lanka, and is looking to expand its operations on the island further.