Five leading jewellery companies were fined after they were found to have imported gold to the country through illicit means, Dinamina newspaper reported.

State Minister of Finance Ranjith Siyambalapitiya said that the five companies have been fined a total of Rs. 1,243 million.

One of these companies, the Minister said was ordered to pay Rs. 179 million. Siyambalapitiya said that illegal gold was recovered following raids carried out at five jewellery manufacturers.

The State Minister has issued a stern warning to all licensed companies importing gold products, urging them to cease such illegal activities immediately.

Siyambalapitiya emphasized that efforts are underway to stabilize the country’s state income by addressing loopholes contributing to revenue loss.