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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Overseas Realty should disclose to CSE who owns their West Tower 36,37 Floors of WTC Before Rights Raise Money to Buy Them?

Overseas Realty should disclose to CSE who owns their West Tower 36,37 Floors of WTC Before Rights Raise Money to Buy Them?

Go down  Message [Page 1 of 1]

StockGuru

StockGuru
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Sri Lanka's World Trade Center (WTC)is Owned and Managed by Overseas Realty (Ceylon) PLC mainly controlled by Chinese Singaporean Real Estate Tycoon 99 years old S.P. Tao who was then an adviser to Oman Sultan and Omani Government came to Sri Lanka upon invitation of the then President of Sri Lanka Ranasinghe Premadasa.

What generally people and investors know is that both the towers West and East Towers of World Trade Center is completely owned by Overseas Realty (Ceylon)-OSEA.But few days ago OSEA suddenly disclosed to CSE that they are raising over Rs.976 million to buy WTC West Tower Level 36 and 37. This is unethical since if Sri Lanka's Stock Market Regulator SEC has the guts and teeth to question Blue Diamonds and Citrus Waskaduwa SEC should also direct S.P. Tao and OSEA Management to disclose who owned level 36 and level 37 of West Tower of WTC.

SEC and CSE just because housed at WTC Colombo owned by Chinese Singaporean Tycoon should not allow the entity to raise money.

Everytime Tao lacked money to build WTC or to run WTC and to build Havelock City (the Former Wellawatte Cotton Mills land - owned by government which was given at a discounted almost free value to Tao in 2000 to 2004 era for development unlike the Rajapaksa government which charged billions from Shangri La, ITC, Sheraton, Krrish to pay for Si Lankan Lands) he raised money via OSEA at the expense of Sri Lankan and other foreign investors increasing liquidity of the share although he hasn't pumped in large money to both projects.

SEC and CSE should ask OSEA to disclose who own these two floors.Otherwise after few days may be Capital Maharaja or some other company will claim the ownership of this two floors before the Rights Issue.

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