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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Is there a Fuel Scam in Laugfs Petrol Sheds? People complain to Consumer Affairs

Is there a Fuel Scam in Laugfs Petrol Sheds? People complain to Consumer Affairs

+4
Invest-Wise
slmarket2
Nitro 7
DealKing
8 posters

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DealKing

DealKing
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Several motorists have recently found out that Laugfs Gas Petrol Sheds pumps are doubtful since many in the Colombo region for last few months have found that whenever they pumped in fuel the amount of litres that had been pumped in for amounts the fuel has been running fast which indicated perhaps though the meter indicated the amount of volume was accurate as per the amount paid.

In such scenario several motorists had gone back to Laugfs petrol Sheds and have asked shed workers to pump in full tank and it has then only been noted that adequate amount of fuel only been pumped prroperlly if they pump in full tank or above at least Rs.3,000/-.

It is now said that many motorists are complaining on the issue to Consumer Affairs Authority in Sri Lanka and there is an investigation by consumer affairs going on at the moment.

Thunmulle Petrol Shed of Laugfs and Wellawatte, Dematagoda are said to be three among those sheds that pumps had been adjusted to fuel in less though the meter shows a higher figure in which case motorists naturally have to pump in more fuel...

Nitro 7


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Dealking,

Please do not mention about your doubts about products or services in this Forum. You can inform CAA if needed. But without proper evidence this type of information should not be put.

You have in the past also been attacking Laugfs. Please discuss with relevant parties than sling mud.

This is the wrong forum for such 3rd grade tactics.

slmarket2


Manager - Equity Analytics
Manager - Equity Analytics

who are these several motorist? where is this report?

Invest-Wise

Invest-Wise
Manager - Equity Analytics
Manager - Equity Analytics

Agreed. Without any proof do not speculate on hear-say....not fair by other members who might actually take your comments seriously.

DealKing

DealKing
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Nitro 7 wrote:Dealking,

Please do not mention about your doubts about products or services in this Forum. You can inform CAA if needed. But without proper evidence this type of information should not be put.

You have in the past also been attacking Laugfs. Please discuss with relevant parties than sling mud.

This is the wrong forum for such 3rd grade tactics.

No attacks...Everybody in the corporate sector in Sri Lanka knows who is Wegapitiya and how he actually started business.

He is actually worst than Dhirubhai Ambani of India.

Anybody from Western Province and Banking sector in the country knows how Kattadiyalage Wegapitiya got funds to commence his business.It is starting from a Hotel...

One fine day I will reveal part of this story.

No third grade tactic...Please call consumer affairs and find out there is an investigation going on.

Laugfs was even caught for stealing Gas Cyclinders from state owned Gas company last year and already there was court case.

Anybody interested could find out from Judicial System files.

And entire EDB also knows Laugfs Gas group get various export deals from EDB since his wife is working and it is matter of 'Conflict of Interest'

Nitro 7


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Even if CAA is having an investigation, it's not proved yet.

Please stop putting posts such as this.

Admin - please delete this thread or take necessary action as Laugfs could file for defamation.


DealKing wrote:
Nitro 7 wrote:Dealking,

Please do not mention about your doubts about products or services in this Forum. You can inform CAA if needed. But without proper evidence this type of information should not be put.

You have in the past also been attacking Laugfs. Please discuss with relevant parties than sling mud.

This is the wrong forum for such 3rd grade tactics.

No attacks...Everybody in the corporate sector in Sri Lanka knows who is Wegapitiya and how he actually started business.

He is actually worst than Dhirubhai Ambani of India.

Anybody from Western Province and Banking sector in the country knows how Kattadiyalage Wegapitiya got funds to commence his business.It is starting from a Hotel...

One fine day I will reveal part of this story.

No third grade tactic...Please call consumer affairs and find out there is an investigation going on.

Laugfs was even caught for stealing Gas Cyclinders from state owned Gas company last year and already there was court case.

Anybody interested could find out from Judicial System files.

And entire EDB also knows Laugfs Gas group get various export deals from EDB since his wife is working and it is matter of 'Conflict of Interest'

Business Basil


Manager - Equity Analytics
Manager - Equity Analytics

Nitro 7 Look before what Laugfs can't file defamation.

I support DealKing's revealation here for valuable insights given.

Go to EDB (Eport Development Board) ask who is Dayani Wegapitiya? Can Laugfs file action for that?

Go to Sri Lankan Courts:I found this from internet. Ask details about below case.This article even highlight how Laugfs valued their Gas cyclinders.

Link: http://www.lbt.lk/views-and-opinions/expert-advice/5202-gas-defacing-racket-at-kandy-laugfs-distributor-caught

Gas Defacing Racket by Kandy Laugfs Distributor Caught
THURSDAY, 08 AUGUST 2013 09:06 WRITTEN BY BUSINESS EDITOR 1 COMMENTS E-mailPrintPDF
August 08, 2013 (LBT) - An illegal operation carried out by Sri Lanka's Privately owned LP Gas operator's Distributor for Kandy and Matale had been caught by the Balagolla Police Station of the Kundasale Divisional Secretariate recently.Accordingly Police sources said that they arrested a Manager from one of the Private Gas operator's distribution plant with nearly 500 gas cylinders owned to state gas opearator Litro.





"We learnt that the private gas operator had been unethically collecting competitor's LP gas cylinders and exchanging the cylinder assets owned by Litro for Laugfs cylinders" officials from the Balagolla Poice station told.
Accordingly nearly 461 cylinders of 12.5 kg LP Gas cylinders and 39 cylinders of 37.5 kg LP Gas cylinders owned by state owned Litro Gas had been taken in to the custody of Police with the Kandy and Matale Distribution Manager of Laugfs Gas operator's Distribution Plant at Kundasale.

In general the liquefied Petroleum Gas cylinders are considered as a property of any Gas company and issued to the customers on a temporary basis against a refundable security deposit. Any of the two Gas companies are liable to refund the deposit for 12.5Kg, 37.5Kg, 5Kg & 2Kg cylinders in an agreed fomulae. Thus a cunsumer who initially purchased a new gas cylinder will keep renewing from the relevant LPG operator but a consumer with a Litro cylinder cannot purchase gas from Laugfs gas by giving a Litro cylinder or a consumer with a Laugfs cylinder cannont purchase Litro by providing a Laugfs cylinder.

Speaking to the Lanka Business Today Officer-In-Charge at Balagolla Police Station said that they have produced the Manager of the Private Gas Operator's Distribution Plant to courts on 6th August 2013 and he was subsequently remanded till 19th of August 2013 after courts heard the case.

Meanwhile Litro gas dealer from Kundasale said that at recent times the state owned LP gas operator Litro which claims the largest market share had been losing its cylinder assets as the private gas operator - Laugfs had been unethically exchanging the 'Blue Litro' cylinders to 'Yellow Cylinders of Laugfs'.

"This has been happening even in Colombo and other suburban areas. They have been largely involved in collecting Blue cylinders from consumers and later defacing with them as yellow cylinders" another gas dealer Saman Perera from Colombo said.

Chairman of Laugfs Gas PLC W.K.H. Wegapitiya or Laugfs Distributor for Kandy and Matale was not available for comments and their calls went unanswered.

Sri Lanka has over 1.8 million domestic gas cylinders circuating in households and market share is distributed among  two LP gas operators - state owned Litro Gas and Privately owned Laugfs Gas PLC.

The Liquefied Petroleum Gas cylinders are considered as a property of any Gas company and latest annual results of Laugfs gas outlines that the total Asset increase of the company has been due  to the purchasing of new cylinders and the addition of a 250 Metric Tonne (MT) LP Gas storage tank. With the capacity increase, the Laugfs LP Gas storage now stands at 2750 MT.

Financials of Laugfs Gas PLC also highlights that its largest Asset in value - Gas Cylinders in Hand and in Circulation had been valued over Rs.2.855 billion whilst during the year additional Rs.364.34 million had been added for the valuation totaling to Rs.3.22 billion.

Laugfs Gas PLC's (LGL) gas cylinders net book value had been gradually increasing in value from 2011 to 2013 starting from Rs.2.39 billion in 2011, and at Rs.2.61 billion in 2012 and at Rs.2.82 billion in 2013.

Laugfs financials also highlights that company's cylinders are estimated to have 20 years life span whilst Laugfs Stock of Gas Cylinders at Mabima Plant had been pledged as a Floating Mortgage in 2011 for carrying amount of Rs.70 million.


"If they are defacing the 'Competitor - Litro's cylinder for  'Yellow' Cylinders those cylinders wil indirectly add value to the Laugfs asset value and it is an unethical practice" a top analyst told.



Last edited by Business Basil on Wed Sep 17, 2014 2:21 am; edited 1 time in total

Business Basil


Manager - Equity Analytics
Manager - Equity Analytics

Nitro 7 wrote:Dealking,

Please do not mention about your doubts about products or services in this Forum. You can inform CAA if needed. But without proper evidence this type of information should not be put.

You have in the past also been attacking Laugfs. Please discuss with relevant parties than sling mud.

This is the wrong forum for such 3rd grade tactics.

I have a Lawyer from Chilaw who reveals the entire story of History of Wegapitiya and Laugfs Gas.

Wegapitiya's brother-in-law (who was the first business partner of W.K.H. Wegapitiya) once involved with the widow (widow is still alive in Western Province of Colombo) former Sri Lankan Billionnaire - Milhuisen who had large chunks of money deposited as call deposits in leading banks.

Milhusein had a large hotel property owned by him years ago.But soon when Milhusein died his younger wife got involved with Wegapitiya's brother-in-law (Bil) and Wega and his Bil pulled out the money from widow Milhusein since all the call deposits, properties and assets of Milhusein was later transferred automatically to wife.

That was the beginning of Kattadiyalage Wegapitiya's business with his Bil and how he found capital to build his business initially.The entire oldest hoteliers including Cooray family knows the Wega's story of Milhusein in Sri Lanka's history.

Later when Ananthaya Resorts was started operations in 2013 as a favour for what he earned from Milhusein's wealth; Wegapitiya offered a job to Milhusein's only son who is a junior manager in hospitality industry working in a top Sri Lankan branded resort chain.But now that son is working in another hotel in Sri Lanka's North Western area.

This is what happen when Billionaires have beautiful pretty wives who are not so educated on business, wealth...at the original cost of Billionaire actually some one beyond Benthara river...a Kattadiya from Matara became a Billionaire after 20 years.

I think Deal King is talking about Dhirubhai Ambani because Dhirubai Ambani also first financed his business from Indian Rs.15,000/- dowry of his wife.

And Wegapitiya and his Bil financed his business from Milhusein's wealth that was legally transfered to Milhusein's widow.

If you want proof go and ask from anybody of Milhusein's bankers and hotel former management staff and even lawyers of Milhusein.

shadow walker

shadow walker
Vice President - Equity Analytics
Vice President - Equity Analytics

oh.. im interesting about this..

agree with you dear BB

" This is what happen when Billionaires have beautiful pretty wives who are not so educated on business, wealth. "

shadow walker

shadow walker
Vice President - Equity Analytics
Vice President - Equity Analytics

DEAL KING
could you please post the history of wagapitiya.. i think you and BB know about him

fff4sl

fff4sl
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

:-!

Nitro 7


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Seems both DealKing and Business Basil accounts are handled by the same person.

Best to stop mud slinging. Please use other medium or methods to complain as this Forum is not for that.

Vichy

Vichy
Equity Analytic
Equity Analytic

I agree with you Nito

I already inform the admin on this issue.

Honestly speaking can you find any genuine business man how have earned money without doing any unethical things.

Its actually a very funny thing...... to find a business that is doing ethical business in the world.....

slmarket2


Manager - Equity Analytics
Manager - Equity Analytics

ko admin? SHARK?

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