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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Port city project suspended. instruct chinese co; to stop work

Port city project suspended. instruct chinese co; to stop work

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Teller

Teller
Moderator
Moderator
: Sri Lanka's US$ 1.5 billion Port City Project launched by the previous government in partnership with China has been temporarily suspended pending the investigative report ordered by the Prime Minister, Investment Promotion Minister Kabir Hashim said today.

Minister Hashim told media at a press briefing that the project approval by the previous government was in violation of the country's law.

The new government in Sri Lanka is reviewing the award of the project to China Communications Construction Co Ltd over the allegations that the previous administration breached local laws and sidestepped environmental requirements for the deal.

Sri Lankan Prime Minister Ranil Wickremasinghe set up a special committee and a cabinet subcommittee last month to look into the activities of the US$ 1.5 billion Project.

Minister Hashim said the approval for the project seems a breach of law.

"Ports authority who has involved in this project doesn't have the power to undertake a mixed development project like this," he was quoted as saying to media.

He said if the project continued the country will incur a heavy loss and therefore while the project is being reviewed the government has instructed the Chinese company to halt the work.

Prime Minister Wickremesinghe told parliament last month that a final decision on the project will be taken after studying the report of an environmental impact assessment (EIA).Local media

Teller

Teller
Moderator
Moderator
""Instructed chinese company to halt the work".-Minister,,,,,,,Almost spent billions for this project, so now going to stop tilll???????


_________________




Teller said is said..

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Disgrace for Sri Lanka. Only infrastructure development after the British Rule was only done by Chinese companies and not Indians. I am anti Indian. India wants to suck out all our assets. At least we got Express Way we never had for last 20 years thanks to Chinese stupid startegy which was exploited by MR and team.

Port City Project will increase the land size of Sri Lanka. Don't you like to have extra garden for your house. Don't you think it is a good investment for the future? Thats exactly what Sri Lanka had done.

PORT CITY WILL GO ON UNHINDERED.

Octopus

Octopus
Expert
Expert
This is disappointment indeed.
For a teeny tiny Island like Sri Lanka, the projects like this, can be used to increased the land size.

so then we can protect our natural wild life habitat and increase the colombo city limits.

more than half of the population live in cities and it is increasing day by day.
may be suspended temporarily to get some sort of commission again. ?????

soileconomy

soileconomy
Vice President - Equity Analytics
Vice President - Equity Analytics
This would have been stopped not because of environment fact or cost ,but because of Indian fact.India is trying to get maximum out of us and they will never allow us to be a developed country.one stage they will stop our growth or development by using different mechanism which most of us will unable to identify .After some time only we may understand that they have damaged us immensely. If We dance to their tune they will be with us.I love my country that is why I am a very strong anti Indian..

omegaplus

omegaplus
Manager - Equity Analytics
Manager - Equity Analytics
I would really like to know what is the reason behind this.
After PM blaming for Australians for people smugglings/supporting previous government  ,then  he started to blame Chinese for borrowings...After China didn't want to change interest rates for those loans, PM pulling out this trick...BIG MISTAKE!
THIS IS  like kiddies game....we just needed better governance,
NOT WITCH HUNTING or hate reacting ....
Where these government going?  Both big parties worry about next elections , forgetting what really country need.
Before go after other countries, sort out whats inside the country.

dsam

dsam
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@soileconomy wrote:This would have been stopped not because of environment fact or cost ,but because of Indian fact.India is trying to get maximum out of us and they will never allow us to be a developed country.one stage they will stop our growth or development by using different mechanism which most of us will unable to identify .After some time only we may understand that they have damaged us immensely. If We dance to their tune  they will be with us.I love my country that is why I am a very strong anti Indian..

100% agree with you.what India want to keep sri lanka like their Tamil Nadu where all the garbage dump.

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@omegaplus wrote:I would really like to know what is the reason behind this.
After PM blaming for Australians for people smugglings/supporting previous government  ,then  he started to blame Chinese for borrowings...After China didn't want to change interest rates for those loans, PM pulling out this trick...BIG MISTAKE!
THIS IS  like kiddies game....we just needed better governance,
NOT WITCH HUNTING or hate reacting ....
Where these government going?  Both big parties worry about next elections , forgetting what really country need.
Before go after other countries, sort out whats inside the country.

Cheap Politics of RW. Once he gave north east of this country to Terrorist and now he is getting caught to Indian Manipulations. We need a strong leader as our Prime Minister. I had lot of respect for Sajith but he seems far immature when it comes to economic management. he is only interested i donating things to poor and eliminate poverty just like his father. We need development to eliminate poverty, he does not seems to under how money comes to the the treasury. We need to think of alternatives to change the economic course of this country. We need a good leader to be our Prime Minister. RW will always find easy way to avoid issues and sacrifice country and its people for his own political advancement. This is not good for the country!

keeper

keeper
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Teller wrote:: Sri Lanka's US$ 1.5 billion Port City Project launched by the previous government in partnership with China has been temporarily suspended pending the investigative report ordered by the Prime Minister, Investment Promotion Minister Kabir Hashim said today.

Minister Hashim told media at a press briefing that the project approval by the previous government was in violation of the country's law.

The new government in Sri Lanka is reviewing the award of the project to China Communications Construction Co Ltd over the allegations that the previous administration breached local laws and sidestepped environmental requirements for the deal.

Sri Lankan Prime Minister Ranil Wickremasinghe set up a special committee and a cabinet subcommittee last month to look into the activities of the US$ 1.5 billion Project.

Minister Hashim said the approval for the project seems a breach of law.

"Ports authority who has involved in this project doesn't have the power to undertake a mixed development project like this," he was quoted as saying to media.

He said if the project continued the country will incur a heavy loss and therefore while the project is being reviewed the government has instructed the Chinese company to halt the work.

Prime Minister Wickremesinghe told parliament last month that a final decision on the project will be taken after studying the report of an environmental impact assessment (EIA).Local media

Bear market is starting.... Shocked Shocked

wallstreetguy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
The only problem with this port city project is that the previous regime has given outright to the chinese, and plus 99 year lease for the rest.

They should have leased it like what China did with Hong Kong. They leased it out to the british and eventually took it over in 1997. We could do that, but we have some major fools running here and there without firm action diminishin investor confidence

nimantha80


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@keeper wrote:
@Teller wrote:: Sri Lanka's US$ 1.5 billion Port City Project launched by the previous government in partnership with China has been temporarily suspended pending the investigative report ordered by the Prime Minister, Investment Promotion Minister Kabir Hashim said today.

Minister Hashim told media at a press briefing that the project approval by the previous government was in violation of the country's law.

The new government in Sri Lanka is reviewing the award of the project to China Communications Construction Co Ltd over the allegations that the previous administration breached local laws and sidestepped environmental requirements for the deal.

Sri Lankan Prime Minister Ranil Wickremasinghe set up a special committee and a cabinet subcommittee last month to look into the activities of the US$ 1.5 billion Project.

Minister Hashim said the approval for the project seems a breach of law.

"Ports authority who has involved in this project doesn't have the power to undertake a mixed development project like this," he was quoted as saying to media.

He said if the project continued the country will incur a heavy loss and therefore while the project is being reviewed the government has instructed the Chinese company to halt the work.

Prime Minister Wickremesinghe told parliament last month that a final decision on the project will be taken after studying the report of an environmental impact assessment (EIA).Local media

Bear market is starting.... Shocked Shocked
Not a single share is related to port city.But when market red it will be said because of port city then when green comes it will be said because election postponed.Reasoning SL market is not practical,all are games played.

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@wallstreetguy wrote:The only problem with this port city project is that the previous regime has given outright to the chinese, and plus 99 year lease for the rest.

They should have leased it like what China did with Hong Kong. They leased it out to the british and eventually took it over in 1997. We could do that, but we have some major fools running here and there without firm action diminishin investor confidence

Only about 16% of the land given to Chinese balance on 99 year lease. See below the Wikipedia facts.

Colombo Port City
http://en.wikipedia.org/wiki/Colombo_Port_City

Colombo Port City is a planned offshore city in Colombo, Sri Lanka which is to be built on reclaimed land adjacent to the Galle Face Green. The city will use construction resources from the Colombo Harbour Expansion Project, currently under construction near the site of this proposed city.

The New Port City is a concept of President Mahinda Rajapaksa, who was apparently inspired while inspecting the landfill being constructed for the Colombo South port.

The Opposition has been against the project and the opposition leader Ranil Wickremsingheeven said that they will scrap the project if the opposition wins the 2015 presidential elections elections

Geography
The Port city is to be constructed between the southern edge of the new Colombo South Port and the Fort Lighthouse. The total area of sea to be reclaimed is 450 acres.

Construction
The construction was set to begin in March 2011 but due to several circumstances the project was stopped. In mid 2012, the Sri Lankan Port Authority, better known as SLPA, announced that the construction of the Colombo Port City project would commence on 17 September 2014. The budget is estimated to be 15 billion US dollars.

The reclamation will be carried out by China Harbor Engineering Corporation, who has been engaged by the investor. The investor itself is expected put in another 2.5 billion US dollars into developing the land. The balance will be sold on 99-year leases to potential investors.

The construction of the proposed port city is expected to be completed in 39 months, after commencement of works in September 2014.

According to sources, the project will approximately reclaim around 230 hectares which will be funded by a foreign investor. The plan has been given approval by the Standing Cabinet Appointed Review Committee (SCARC) and the port city will include roads, water, electricity, communication facilities to set up shopping areas, water sports area, mini golf course, hotels, apartments, recreation areas and marinas.

Master Divers was given the contract to forward a soil report for this project which in turn was handed over to the Chinese company to go ahead with construction. Chairman of Master Divers, Ariyaseela Wickramanayake said that they had conducted underwater surveys and other tests to identify the site for the project and the construction of the artificial island had begun.

Construction of the Colombo Port City project was launched on 17 September 2014 by Sri-Lankan President Mahinda Rajapaska and the Chinese President Xi Jinping

Infrastructure

Formula One track
The New Port City is to include a new Formula One track, constructed in the vicinity of the Colombo Harbour. According to Dr. Priyath Wickrama, the Chairman of the Sri Lanka Ports Authority, says an F1 track will “definitely” be a part of the New Port City. The circuit is to be located in the city whilst allowing for maximum leeway for commercial activities.

wallstreetguy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Even 16% or 1 % of land given outright to an alien nation will threat our national sovereignty in the long term. it becomes their sea, it becomes their airspace, it becomes everything of theirs, not a Sri Lankan Administration.

Im not against this overall project but I'm against the sovereignty issue and the environmental damages and economical factors. Its poorly planned.

Teller

Teller
Moderator
Moderator
China has a long term plan to establish a navel base their own. Thats why india also want to stop this. China will establish a gas,oil distribution hub After 50 years of time. These are the key challenges.


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Teller said is said..

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