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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Chinese investor fishes in troubled waters

Chinese investor fishes in troubled waters

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K.Haputantri

K.Haputantri
Co-Admin
Chinese investor fishes in troubled waters
Sunday Times

Making use of top level political connections in Sri Lanka, a top Chinese investor linked to a casino group in Las Vegas is lobbying to secure the Transworks house property in Fort and a D.R. Wijewardena Mawatha land to build a mega high rise luxury hotel and apartment complexes with casinos, informed sources said.

This follows the Delhi-based Krrish Group project at Transwork House coming to a standstill. The project has been mired in delays in paying the Sri Lankan Government the last 15 percent installment on lease rental, and also allegations of kickbacks to a top state official and other influential persons.

This Chinese company has stepped into the fray and canvassing top bureaucrats to take over the Transworks House lease arrangement, a senior government official said, declining however to name the investor.

Meanwhile Australian Crown Casino mogul James Packer is also considering shifting his $350 million casino-cum-mixed development project to another country in a clash with government officials over the D.R. Wijewardene site.

The authorities have asked him to change the building plan or shift to another location in the same area. Mr. Packer has opposed the plan and expressed his concern when he met Investment Promotion Minister Lakshman Yapa Abeywardena and Treasury Secretary Dr. P.B. Jayasundera last week.

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I wonder what will happen to those who already paid a deposit for those apartments

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@rainmaker wrote:I wonder what will happen to those who already paid a deposit for those apartments
Government holds 85% cash of the land deal.

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Meanwhile Australian Crown Casino mogul James Packer is also considering shifting his $350 million casino-cum-mixed development project to another country in a clash with government officials over the D.R. Wijewardene site.

The authorities have asked him to change the building plan or shift to another location in the same area. Mr. Packer has opposed the plan and expressed his concern when he met Investment Promotion Minister Lakshman Yapa Abeywardena and Treasury Secretary Dr. P.B. Jayasundera last week.
Why our authorities are now saying these stuff? They should have informed Mr Parker long time before? Or did Parker completely ignore the instructions from day one? scratch

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