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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Harsha exposes another cloaked land deal in Colombo

Harsha exposes another cloaked land deal in Colombo

+4
D.G.Dayaratne
Arena
Chinwi
Redbulls
8 posters

Go down  Message [Page 1 of 1]

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Dubious firm with Rs. 30 share capital given Rs. 46.8 b project in 29 acre land in Maradana on a 99 year leas

The Government’s dubious land deals became a hot topic in Parliament again yesterday when the main opposition United National Party sought to expose another lease rental and tax holiday to a little known private developer.

UNP National List Legislator and Economist, Dr. Harsha de Silva exposed a ruling party decision to exclusively lease a highly valuable 29 acre property in Maradana to Chelina NEB Lanka (Pvt.) Ltd, a company with only three share holders and a share capital of Rs. 30. “According to the Cabinet Memorandum 13/0949/561/011, Chelina NEB Lanka will be leased a land of 29 acres, which now leased to Sri Lanka Railway. BoI will be the middle men in this transaction. This is an unsolicited proposal,” De Silva charged.

He said that this was the same property that also houses the Tripoli Market which the Defence Ministry currently occupies.

“When merchants of the market asked for it to be returned for business purposes and wrote multiple times to the Defence Ministry and the Urban Development Authority they responded saying it cannot be returned because it was a military compound now. How can this property now be available to be leased? And how can this unknown company be given exclusive rights” the UNP MP queried before a stunned Chamber.According to Dr. De Silva the value of the total investment for the first phase of development of the property amounted to USD 1.3 billion. “How can such a large investment happen without anyone knowing about it?” he said.

He explained that the first phase of development had been allocated US$350 million (Rs.47 billion) to develop basic infrastructure facilities such as internal roads, power, and sewage and storm-water management. In the second phase, US$1 billion has been allocated to build residential and convention towers, hotels, and many other business facilities. @Chelina NEB Lanka is a company with three shares with the total stated capital of Rs.30/-. How can such company develop this land worth over Rs.4.7 billion?” he demanded.

De Silva queried as to how the developer was planning to sell apartments of the building above the fourth floor on a free hold basis when the property was on a 99 year lease.

De Silva said that while the 99 year lease value was not mentioned in the cabinet paper, it noted that the price would be determined by the Government valuer.

“But in the Chelina NEB proposal, it clearly states that in lieu of the rental, the company would be handing over one building being developed to the Ministry of Transport. “If five acres was leased to Krrish at Rs. 5 billion, by that same valuation this land should be worth at least Rs. 46.8 billion or 360 million US dollars,” he observed.

Chelina NEB that was proposing to build a massive business facility on the 29 acre property notes a peculiar strategic advantage in its portfolio Dr De Silva revealed in documents tabled in Parliament. “This company lists as its strategic advantage its ability to obtain Government projects. Its portfolio claims that because of the secrecy and sensitivity of these projects they are unable to publicly name their clientele,” De Silva revealed.

“Tell us what these government projects are, there can’t be secret government projects kept from this House,” he charged, also asking the Government to name the three directors of Chelina NEB Lanka which is a subsidiary of the Chelina Capital Corporation.

He said that like other dubious deals made by the incumbent regime, this transfer of land will also be made free of taxes under the condition that BoI will lease it to Chelina NEB Lanka for 99 years based on the valuation received from the Government Valuator. with the advantage of undertaking Government projects.

Speaking soon after the UNP Legislator, DNA MP Anura Kumara Dissanayake named a director of the company and said it was Lohitha Abeysinghe who had direct connections to a senior Minister in the Government.
http://www.ft.lk/2013/07/26/harsha-exposes-another-cloaked-land-deal-in-colombo/

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
“If five acres was leased to Krrish at Rs. 5 billion, by that same valuation this land should be worth at least Rs. 46.8 billion or 360 million US dollars,” he observed.

ganan waradiyi neda doctor ? 5 acres 5 billion, 29 acres 46 billion ? and what about the Location ?

opposition United National Party sought to expose another lease rental and tax holiday to a little known ... Dubious firm... private developer.....

... Chelina NEB Lanka is a company with three shares with the total stated capital of Rs.30/-. How can such company develop this land worth over Rs.4.7 billion?” he demanded.

Again you are misleading us my dear doc tor.

The said new company is a subsidiary  just formed for the project.  Everybody does that. The Main group (CCC - Chelina capital Corp.) is a well known service provider, consultant, developer to present day development of Sri lanka managing projects worth millions of US$ .

It is headed by Mr. Lohitha Abeysinghe , he heads many BOI registered and other Limited L. companies.
He is a member of SEC.

For anybody wanted to know about them and their current engagements :

Chelina Capital Corporation (Pdf)
If you read it to the end you can get good knowledge about the overall shape of future Sri Lanka.

If above is not working the link is displayed here again: http://chelinacc.com/ccc_profile/CCC-Profile-Print-Version.pdf

NOte: I am just a researcher working in my own company and not linked to any of these entities or individuals. Not challenging the transparency claim . - chinwi



Last edited by Chinwi on Fri Jul 26, 2013 12:17 pm; edited 1 time in total

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
When CSE goes up - Doctor says it is manipulation and shout every where

When CSE goes down - Doctor shout saying innocent people loosing money

Krish had a huge bargaining power with their 7 star hotel if i am not mistaken. It is really needed at least to say we have 7 stars as well.

If Gov. sell it at 29b Harsha will say " Hey look they sold at same price. Why this gov. cannot support locals "Laughing Laughing 



D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Chinvi thank you for giving correct facts

We all know How UNP implemented privatization program under their
Regime

Sidath

Sidath
Manager - Equity Analytics
Manager - Equity Analytics
[quote="Chinwi"]


It is headed by Mr. Lohitha Abeysinghe , he heads many BOI registered and other Limited L. companies.
He is a member of SEC.

just when I thought it couldn't get any worse for the SEC. In a way I feel sorry for the people who work there.

https://docs.google.com/gview?url=http%3A%2F%2Fwww.sec.gov.lk%2Fwp-content%2Fuploads%2FSEC-AR-2012-English-Master.pdf&docid=85ab425751dd2c8e4b1c9ab22900bef4&a=bi&pagenumber=10&w=624

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
When would he (too) join the Blues I wonder ? Shocked 

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
That can happen under present circumstances any time

Mahida Chinthanaya know how to tackle people

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Disclosure of the deal is very important to public to understand the positive & negative points of the facts but not giving any political weight. Raising such voice make an alarm for others who throw the nets over the shoulders in catching more fish.

sriranga

sriranga
Co-Admin
Controversial state-owned Colombo land deals for mega projects are continuing with lesser known developers grabbing the contracts, opposition parliamentarians alleged.

UNP MP and Economist, Dr. Harsha de Silva revealed in parliament on Thursday details of a recent government decision to lease a valuable 29-acre property in Maradana belonging to the Railway Department to Chelina NEB Lanka (Pvt.) Ltd, a company with onlythree shareholders and a share capital of Rs. 30.

How can such a company develop this land worth over Rs.4.7 billion?” he questioned in parliament.

One of the directors of the company is Lolitha Abeysinghe who has high political connections, DNA MP Anura Kumara Dissanayake informed parliament.

Dr. De Silva noted that the value of the total investment for the first phase of development of the property amounted to US$ 1.3 billion. “How can such large investments happen without anyone knowing about it?” he asked.

According to the Cabinet Memorandum 13/0949/561/011, the land owned by the Railway Department is being handed over to the Chelina NEB Lanka on lease.

Chelina NEB is to commence the special project development and financial centre with assistance from Dubai’s national engineering bureau and China’s Syno Hydro Corporation Ltd, officials said.

The feasibility study has been carried out by PriceWaterhouse Coopers in 2010 and the Railway has already given its consent to hand over the land making way for a financial centre in the area, Investment Promotion Minister Lakshman Yapa Abeywardena disclosed.
The project envisages the construction of 490 service apartments, 350 high end hotel rooms and 400 standard hotel rooms.

The cabinet has also been made aware that an office complex and a business centre would also be set up under the project.

The project proposal revealed that an investment of US$ 350 million would be made in the country within a 2-year period.
http://www.sundaytimes.lk/130728/business-times/mysterious-company-with-chinese-connections-gets-maradana-land-54086.html

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

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