FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

Click Link to get instant AI answers to all business queries.
Click Link to find latest Economic Outlook of Sri Lanka
Click Link to view latest Research and Analysis of the key Sectors and Industries of Sri Lanka
Worried about Paying Taxes? Click Link to find answers to all your Tax related matters
Do you have a legal issues? Find instant answers to all Sri Lanka Legal queries. Click Link
Latest images

Latest topics

» Latest Financial Status and Future Outlook of SMB Finance PLC
by ChatGPT Yesterday at 11:15 pm

» Latest Financial Status and Future Outlook of Overseas Realty PLC
by ChatGPT Yesterday at 11:00 pm

» Latest Financial Status and Future Outlook of Merchant Bank of Sri Lanka & Finance PLC
by ChatGPT Yesterday at 10:55 pm

» McDonald’s අපේ නෙමෙයි අපේ බෝස්ගේ – අබාන්ස් කියයි
by ChooBoy Yesterday at 10:19 am

» AI Assistance for Stock Market Research and Analysis
by ChatGPT Yesterday at 7:12 am

» Comparative Analysis of the Insurance Sector
by God Father Tue Mar 26, 2024 11:46 pm

» Sri Lanka: Why Pay Exorbitant Taxes?
by ChatGPT Tue Mar 26, 2024 10:52 pm

» LANKA CREDIT AND BUSINESS FINANCE PLC (LCBF.N0000)
by K.R Tue Mar 26, 2024 3:15 pm

» CENTRAL INDUSTRIES PLC (CIND.N0000)
by D.G.Dayaratne Tue Mar 26, 2024 9:11 am

» SIYAPATHA FINANACE PLC (SLFL.N0000)
by ChatGPT Tue Mar 26, 2024 7:58 am

» FINANCE AND LEASING SECTOR
by ChatGPT Mon Mar 25, 2024 6:45 am

» LOLC FINANCE PLC (LOFC.N0000)
by ChatGPT Mon Mar 25, 2024 6:36 am

» CIC HOLDINGS PLC (CIC.N0000)
by ChatGPT Mon Mar 25, 2024 6:18 am

» UNION ASSURANCE PLC (UAL.N0000)
by ChatGPT Mon Mar 25, 2024 6:15 am

» First Capital Holdings PLC: Current Financial performance and future outlook
by God Father Sun Mar 24, 2024 10:58 pm

» LankaBizz: Sri Lanka's First ever Artificially Intelligent (AI) Business and Research Assistant
by God Father Sun Mar 24, 2024 7:27 am

» HOTEL AND TRAVEL SECTOR
by ErangaDS Wed Mar 20, 2024 7:22 am

» CIC Holdings Good Times Ahead
by ashan silva Mon Mar 18, 2024 11:00 am

» EPF Fund keep eye on low P/E Shares
by K.R Mon Mar 18, 2024 8:45 am

» SINS - the Tailwind effects of a crisis hit Economy
by Hawk Eye Mon Mar 18, 2024 8:37 am

» Ceylon cold stores
by Hawk Eye Mon Mar 18, 2024 8:25 am

» Asha securities Provide buy signal for CIC
by ddrperera Fri Mar 15, 2024 1:10 am

» CSE ready for another Downtrend?
by D.G.Dayaratne Thu Mar 14, 2024 11:24 am

» LankaLAW Forum : Sri Lanka’s #1 Discussion Platform for Legal Questions and Answers
by blindhog Thu Mar 14, 2024 9:14 am

» Sri Lanka poised to benefit from demand surge for ‘non-China origin’ graphite
by samaritan Wed Mar 13, 2024 1:31 pm

LISTED COMPANIES

Submit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)



CHRONICLE™ YouTube

Disclaimer
FINANCIAL CHRONICLE™ Disclaimer

The information contained in this FINANCIAL CHRONICLE™ have been submitted by third parties directly without any verification by us. The information available in this forum is not researched or purported to be complete description of the subject matter referred to herein. We do not under any circumstances whatsoever guarantee the accuracy and completeness information contained herein. FINANCIAL CHRONICLE™ its blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not in any way be responsible or liable for loss or damage which any person or party may sustain or incur by relying on the contents of this report and acting directly or indirectly in any manner whatsoever. Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility, FINANCIAL CHRONICLE™ blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. The information on this website is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.

Further the writers and users shall not induce or attempt to induce another person to trade in securities using this platform (a) by making or publishing any statement or by making any forecast that he knows to be misleading, false or deceptive; (b) by any dishonest concealment of material facts; (c) by the reckless making or publishing, dishonestly or otherwise of any statement or forecast that is misleading, false or deceptive; or (d) by recording or storing in, or by means of, any mechanical, electronic or other device, information that he knows to be false or misleading in a material particular. Any action writers and users take in respect of (a),(b),(c) and (d) above shall be their own responsibility, FINANCIAL CHRONICLE™ its blogs, forums, domains, subdomains and/or its affiliates and/or its web masters, administrators or moderators shall not be liable for any, direct or indirect, consequential or incidental violation of securities laws of any country, damages or loss arising out of the use of this information.


AI Live Chat

You are not connected. Please login or register

Harsha nails Lakshman Yapa over his assurance in Parliament on Krrish payment

3 posters

Go down  Message [Page 1 of 1]

sriranga

sriranga
Co-Admin

UNP MP Dr. Harsha de Silva yesterday said that Krrish was bound to pay the full lease amount by 15 December as per the assurances given by Deputy Economic Development Minister Lakshman Yapa Abeywardena in Parliament recently.

Dr. De Silva was responding to news reports that Krrish paid Rs. 1.4 billing last week bringing the total advance to Rs. 2 billion (40%) out of Rs. 5 billion due.

“Deputy Minister Abeywardena told Parliament that Krrish will pay 100% by 15 December which hasn’t happened. He can’t mislead the House since Parliament has the full control of finance and it is Parliament that approved massive tax breaks running into 25 years for Krrish based on the information submitted to Parliament under the Strategic Investment Bill. If those conditions are not met then the tax breaks and other incentives must be pulled out and or agreement cancelled,” UNP MP said.

“The Government can’t take Parliament for a joke, particularly if they are hell-bent on saying the Parliament is supreme,” quipped Dr. De Silva.

Deputy Minister Abeywardena in response to questions raised by UNP said that Krish had paid 10% as advance and the balance 90% will be paid when the Indian firm signs agreement with Urban Development Authority (UDA) on 14 December.

In his answer as per hansard copy of 24 November proceedings, Abeywardena also described 10% as $ 49 million. This meant that the balance amounts to $ 441 million (which is Rs. 57.3 billion). In fact $ 49 million being 10% was said twice during his answer. It appears that Deputy Minister has got the numbers wrong judging by Krrish announcement that the full lease amount is only Rs. 5 billion.

The investment of Krrish’s project is $ 411 million.

In its announcement Krrish said the advancement of Rs. 1.4 billion last week bringing the total to Rs. 2 billion whilst UDA was still processing the handover of the lease, was to demonstrate Indian firm’s commitment towards Sri Lanka and the prestigious project.

Dr. De Silva recently expressed hope that this agreement was signed on 15 December and the government will make the announcement. “However if Krrish Group is either unable or unwilling to meet the conditions of the revised agreement the Government must take immediate steps to cancel this agreement on underperformance as per the expropriation legislation enacted last year that was selectively applied only on certain identified investors,” UNP MP added.

The Government by Extraordinary Gazette 1778/3 dated 1 October 2012 notified that the Krrish project had been identified as a strategic development project and approved a large number of benefits including 25 year tax breaks on income, on dividends to shareholders, on PAYE by employees. Furthermore it provided exemptions on withholding tax, on VAT and on PAL and also from customs duty.

Titled ‘Krrish Square’ at the Transworks Square in Fort, the project would be one of the finest residential and commercial projects in Asia. Krrish Group will make the heritage building one of most sought-after luxury heritage resort hotels in this part of the world. In line with the group’s commitment to excellence and quality, and having attained prominence in the Indian subcontinent, the Krrish Group said it was poised to bring world class, luxurious residential and commercial spaces to Colombo.
http://www.ft.lk/2012/12/25/harsha-nails-lakshman-yapa-over-his-assurance-in-parliament-on-krrish-payment/

http://sharemarket-srilanka.blogspot.co.uk/

Fresher


Moderator
Moderator

by the looks of it, Krrish will have it's payback within the 25 years just because of all the tax breaks. (Will it pay even a cent as tax?)

just saying...

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

This is another going concern subject which will be slickly fading away as many perpetrators have not been apprehended in involvement with massive criminals & fraud.

With all blessings, could the citizens of Sri Lanka dream a just & fair society ruled by upright & law-abiding administration in the year 2013 onward???...





Sponsored content



Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum