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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Rs. 9.2 b worth former Ceylinco property goes for Rs. 4.2 b; Govt. ignores Rs. 7.8 b offer

Rs. 9.2 b worth former Ceylinco property goes for Rs. 4.2 b; Govt. ignores Rs. 7.8 b offer

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aj


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Hyatt land sold for a song

Construction on the Government-backed Hyatt Regency Hotel project was officially launched on Thursday with much fanfare, amidst allegations that the former Ceylinco property had been sold for a song – Rs 4.2 billion against an official valuation of Rs 9.2 billion and a pending offer of Rs 7.8 billion!

In the Supreme Court on the same day (Thursday) it was disclosed that a sale offer of US$ 60 million (Rs 7.8 billion) had been received for this property and that this amount was sufficient to repay depositors of the failed Ceylinco Shriram which owned the property. This property was acquired under the Revival of Underperforming Enterprises and Underutilized Assets Act as an under-performing asset.

Taking up the petitions regarding compensation payments, the court headed by Chief Justice Shirani Bandaranayake ordered the Attorney General to ascertain from Treasury Secretary P.B. Jayasundera on how payments would be made to depositors of this failed company.
Earlier a consortium led by the Sri Lanka Insurance Corporation (SLIC) took over the partially-completed Celestial Residencies property and formed a company called Sino Lanka Hotels & Spa Pvt. Ltd. SLIC Chairman Gamini Senerath was also the chairman of this consortium.The media release issued on Thursday said the 43-storey hotel would have about 565 rooms with 475 guest rooms. There was no mention, however, of what cost the building was purchased at.

Board of Investment Chairman M.M.C. Ferdinando signed the agreement with Mr. Senerath on Thursday at a ceremony where Defence and Urban Development Ministry Secretary Gotabaya Rajapaksa, Finance Ministry Secretary, P B Jayasundara and Parliamentarian Namal Rajapaksa were present. The compensation case will resume on August 8.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
So i presume if this is true the supre,me court will investigate this? Nothing is said about that.

aj


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@slstock wrote:So i presume if this is true the supre,me court will investigate this? Nothing is said about that.

Nope they won't investigate. Otherwise where would the NSB, Taprobane, TFC people would be today?
Anyway it is naive if law abiding citizens think that the police and the courts will protect the innocent and law and order. Those are stupid ideas brain washed in the minds of the people from the schools days when they taught them police will catch the thieves and protect the law and order.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

There is something called sarcasm at times.

@aj wrote:
@slstock wrote:So i presume if this is true the supre,me court will investigate this? Nothing is said about that.

Nope they won't investigate. Otherwise where would the NSB, Taprobane, TFC people would be today?
Anyway it is naive if law abiding citizens think that the police and the courts will protect the innocent and law and order. Those are stupid ideas brain washed in the minds of the people from the schools days when they taught them police will catch the thieves and protect the law and order.

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