යල් පැනපු මාක්ස්වාදී communist පචයා හදන රටක් නැත කිව්වේ ඒකනේ 
The Sri Lanka Ports Authority (SLPA) has agreed to pay US$21.9 million to settle investments made in a proposed China Merchants-backed logistics hub in Sri Lanka, following a decision by the parties to abandon the project.
China Merchants Port Holding Company Ltd (CMPort) this week announced that it was pulling out of the proposed five-storey South Asia Commercial and Logistics Hub (SACLH) Project in the Colombo Port.
“In view of changes in external circumstances, including adjustments to the SACLH Project’s implementation environment and timetable as well as the respective commercial considerations of the parties, the Company has reassessed the SACLH Project and concluded that terminating the project would be in the best interests of the parties,” China Merchants Port Holdings Company Ltd (CMPort) said on Thursday in a filing to the Hong Kong Stock Exchange.
In December 2023, Sri Lanka gazetted SACLH as a strategic development project, granting generous 15-year exemptions on corporate income tax and tax on dividends. Despite the announcement that the project will not proceed, there was no evidence on the website of the Department of Government Printing that the gazette was revoked.
Sri Lanka had also granted 50-year sole and exclusive rights to CMPort to run the logistics hub in the Colombo Port, barring the SLPA from granting “any third party the right to carry out port-related logistics or warehousing services at the Port of Colombo at a rate lower than the royalty fees payable by the project company”.
CMPort set up a fully owned subsidiary, Fortune Centre Group Limited (FCGL), in the British Virgin Islands to build and run SACLH. CMPort held 70 per cent and SLPA 15 percent. Access Engineering PLC owned the remaining 15 per cent.
With the winding up of the project, the funds so far invested in SACLH will be refunded, and the parties will reach a comprehensive and final resolution in respect of all matters relating to the project, CMPort said this week.
The SLPA’s payment (agreed under a settlement arrangement) represents the bulk of the US$26 million invested by the Chinese company’s subsidiary, after deductions for specified tax and late-payment liabilities.
According to the announcement filed with the Hong Kong Stock Exchange, the SLPA will pay US$21.905 million to the project company, SACLH, as a lump sum within 30 days of the settlement agreement. The money will ultimately be distributed among the project’s three shareholders.
- https://www.sundaytimes.lk/261018/n...a-agrees-to-21-9m-settlement-deal-661429.html
The Sri Lanka Ports Authority (SLPA) has agreed to pay US$21.9 million to settle investments made in a proposed China Merchants-backed logistics hub in Sri Lanka, following a decision by the parties to abandon the project.
China Merchants Port Holding Company Ltd (CMPort) this week announced that it was pulling out of the proposed five-storey South Asia Commercial and Logistics Hub (SACLH) Project in the Colombo Port.
“In view of changes in external circumstances, including adjustments to the SACLH Project’s implementation environment and timetable as well as the respective commercial considerations of the parties, the Company has reassessed the SACLH Project and concluded that terminating the project would be in the best interests of the parties,” China Merchants Port Holdings Company Ltd (CMPort) said on Thursday in a filing to the Hong Kong Stock Exchange.
In December 2023, Sri Lanka gazetted SACLH as a strategic development project, granting generous 15-year exemptions on corporate income tax and tax on dividends. Despite the announcement that the project will not proceed, there was no evidence on the website of the Department of Government Printing that the gazette was revoked.
Sri Lanka had also granted 50-year sole and exclusive rights to CMPort to run the logistics hub in the Colombo Port, barring the SLPA from granting “any third party the right to carry out port-related logistics or warehousing services at the Port of Colombo at a rate lower than the royalty fees payable by the project company”.
CMPort set up a fully owned subsidiary, Fortune Centre Group Limited (FCGL), in the British Virgin Islands to build and run SACLH. CMPort held 70 per cent and SLPA 15 percent. Access Engineering PLC owned the remaining 15 per cent.
With the winding up of the project, the funds so far invested in SACLH will be refunded, and the parties will reach a comprehensive and final resolution in respect of all matters relating to the project, CMPort said this week.
The SLPA’s payment (agreed under a settlement arrangement) represents the bulk of the US$26 million invested by the Chinese company’s subsidiary, after deductions for specified tax and late-payment liabilities.
According to the announcement filed with the Hong Kong Stock Exchange, the SLPA will pay US$21.905 million to the project company, SACLH, as a lump sum within 30 days of the settlement agreement. The money will ultimately be distributed among the project’s three shareholders.
- https://www.sundaytimes.lk/261018/n...a-agrees-to-21-9m-settlement-deal-661429.html
