The government has lost a staggering 1200 billion rupees due financial frauds at various state sector institutions in four years between 2010 - 2014, a local newspaper report said, citing a government spokesperson.

Furthermore, the media report said that ministers, parliamentarians and government officials were implicated in these underhand dealings. It was also claimed in this report by 'Divaina' newspaper that some of those politicians were now in the present government.

The government has taken steps to activate the Bribery Commission and bring those responsible to justice, the government spokesperson has also said.

Meanwhile, Minister of Power and Energy Patali Champika Ranawaka has told 'The Nation' newspaper that prompt action should be taken by the government against fraudsters lest the people would lose confidence in the anti-corruption drive of the government.

He had said that the government had been far too late in dealing with some matters regarding corruption.

The new government has established a 'Committee against Corruption’ under the chairmanship of Prime Minister Ranil Wickremesinghe. Minister Ranawaka, a member of the committee, has told that this body would particularly focus on areas that may not necessarily come under the Committee on Public Enterprises (COPE) and the Public Accounts Committee, both of which are Parliamentary bodies.

He has also said that the government should look into the possibility of establishing a new body through a parliamentary Act, if the existing institutions prove to be too slow.