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Old March 7th, 2014, 04:11 PM   #421
UMESH CHA
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http://www.sundaytimes.lk/140302/bus...ays-87067.html

Krrish project on amidst payment delays

By Bandula Sirimanna
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Despite a delay of 17 months, the Urban Development Authority (UDA) is confident that the Krrish Group will complete its due payments to lease the Transwork Square property for its long, overdue mega development project.

UDA Chairman, Nimal Perera told the Business Times that Krrish must make a payment of Rs.589. 7 million to close the land lease deal.
The total payment made by them up to now is Rs. 4.4 billion, he said adding that the full payment due is Rs. 4.995 billion.

He disclosed that Krrish officials are constantly in touch with him and the UDA is confident that the project will go ahead in accordance with earlier plans.

The issue of an additional 15 per cent land lease tax amounting to Rs 749.25 million will be settled with the consent of the Treasury as the relevant tax was introduced after the land lease agreement between the UDA and Krrish was signed, he disclosed. The final payment was reportedly due on January 31. The Ministry of Investment Promotion has previously given four extensions to Krrish to make the payment with penal 12 per cent interest, but it has so far failed to fulfill its obligations, Minister Lakshman Yapa Abeywardene said.
Payment delays have occurred since May 2013.

Treasury officials said it is yet to receive details of all payments made up to now by Krrish , a procedure that is followed in all mega and mixed development projects

In the case of other mega development projects like Shangri-La and CATIC, all payments up to date had been deposited in Treasury General Accounts, a senior official of the Finance Ministry revealed.

Meanwhile economic expert and MP Harsha de Silva, who raised several controversial matters pertaining to the deal in parliament calling for the cancellation of the project, told the Business Times that not only Krrish, but Minister Lakshman Yapa Abeywardene is guilty of misleading Parliament with regard to the Krrish investment on an unsolicited proposal.

The concessions approved for Krrish must be immediately withdrawn and the Minister should resign forthwith, he demanded.

“When the so called Krrish investors came in with their grand plans of constructing four ninety story towers with Minister Yapa waxing eloquent their credentials I was the first to say that this investment was never going to happen,” he said. What they were attempting to do was to pre-sell the apartments and collect the money and hopefully make the payment for the land; for which the Minister continued to give them favourable extensions way beyond what was approved by Parliament, he disclosed.

Why he gave so many extensions remains a mystery, he said.

The allegation of secret payoffs to keep the window open for payment and for various approvals ended with some unfortunate incidents, Dr. de Silva opined. Even though the name of the SEC Chairman Nalaka Godahewa figured in those allegations, he continues to head the regulatory agency and speak at forums on transparency and good governance, he emphasized.

“When I brought these issues out in to the public, the Government attacked me calling me unpatriotic and accusing me of scarring away investors. What has happened today? Who is answerable for all of this? Now when I am asking questions on other so called investors with even grander plans I am being threatened with arrest. I hope the people of this country will not continue to get duped by fly-by-night investors and various politicians who do their bidding,” he concluded.
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Old April 27th, 2014, 12:32 PM   #422
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Any updates? This project should be abandoned as its an eyesore. Colombo beautification will be a downfall if all non-productive lots are kept idle n decaying.
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Old May 4th, 2014, 12:53 AM   #423
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Krrish: 5th deadline for final lease payment

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The yet-to-start, Krrish mega development project in Colombo has secured yet another extension – its 5th in 20 months – until May 26 to pay the final payment of Rs.589. 7 million to close the land lease deal.

Investment Promotion Minister Lakshman Yapa Abeywardena told the Business Times that there was no reason by Krrish for further delays as they have only a 4 per cent balance payment to be made. Payment delays have occurred since May 2013. The total payment made by them up to now is Rs. 4.4 billion, he said adding that the full payment due is Rs. 4.995 billion. The last, previous extension was given last January.

Please turn The ministry has previously given four extensions to Krrish to make the payment with penal 12 per cent interest. The minister said the relevant gazette notification of order to grant special tax concessions to Krrish will not be issued unless the final payment is completed.

The Krrish project was tainted with a financial scandal over alleged kickbacks received by a prominent official to secure the contract for the company.

http://www.sundaytimes.lk/140504/bus...ent-94284.html



How is this still being considered. If they can't even pay the lease payments how are they going to afford to construct the towers!!!
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Old May 13th, 2014, 07:08 AM   #424
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Krrish given three months to pay for Sri Lanka land
May 13, 2014 (LBO) - India's Krrish which has been given city centre land in Sri Lanka's capital Colombo is expected to settle its balance payments in three months, an Urban Development Authority official said.
UDA chairman Nimal Perera said Krrish had already paid 87 percent of 4,995 million rupees for state land.

"They have promised to settle the balance amount with the legal interest within the next three months," Perera said.

Krrish had run into controversy over repeated delays on paying for the land with earlier reports saying the latest deadline was May 26.

Perera said Krrish had recently signed an agreement with a construction contractor, which had been shown to them, they he was confident that the project will start.
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Old May 30th, 2014, 05:11 AM   #425
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Krrish may need partner to reap tax benefits

Ceylon FT: India's Kriish Group may need to look for partners in order to benefit from tax concessions after the US$ 460 million mixed development project which includes a five-star hotel was beset with delays.



Minister of Investment Promotion, Lakshman Yapa Abeywardena claiming that the government was earning interest from the received and due amount of the Indian property developer Krrish Group, said that the company now needed to look at other avenues such as partners to extend deadlines and obtain tax concessions with the project as time was running out.


Indian Property Developer, Krrish Group, which entered Sri Lanka in July 2012, has promised to pay the balance of Rs 639 million with an interest of 12% owed by the company to the Urban Development Authority for the four acres of land in Colombo.
KrrishTransworks Tower project, which now has been identified by the minister as the 'broken promise' was running out of time and has nearly 30 months to complete the total project worth US$ 460 million.
Early this year the minister said that it was 'do or die' for the Indian property developer, who has been defaulting the lease payment for a considerable period of time.


The minister yesterday said, Krrish now should look at other avenues which were acceptable to the Board of Investment and the Ministry of Investment Promotion to grant the required tax concession.
Highlighting that Krrish could come with a joint venture to increase its given time period, or the company could provide solid evidence that the project would be completed during the agreed timeframe to obtain facilities.
He said, whatever happens it was benefiting the government, as already the money received was yielding interest to the Treasury and the due amount was also charged interest on delay from the company.

The BoI agreement was signed on 30 August, 2012 and the MoU was signed with the UDA on 30 July, 2012. The Indian investor has paid nearly Rs 4.4 and has a due amount of Rs 639 million, which is charged 12% interest on delay.
The Board of Investment, since May 2013 had granted four extensions to make the balance payment of which the forth extension was with no deadline.
The Krrish Group entered Sri Lanka in 2012 to develop a hotel, apartment complexes, shopping and dining areas and many other facilities to support tourism growth. The company has heavily advertised the mixed development project.
http://www.ceylontoday.lk/22-65152-n...-benefits.html
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Old May 30th, 2014, 05:20 AM   #426
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Just abandon this project as financially the Krrish group is not sound. Govt should look at other investors as further cat n mouse by both parties create negative impression on all stakeholders.
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Old May 30th, 2014, 06:03 AM   #427
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Say so if you can't, Lakshman Yapa tells Krrish Group



This is bullshit
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Old May 30th, 2014, 09:07 PM   #428
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Quote:
Originally Posted by Sasi350 View Post


This is bullshit
This guy is a fucking joker. Krishh must have given him something for him to hold on to this project so much. Countries like Thailand and Vietnam, get billions of dollars in FDI during just the first few months of the year.

This shows how inefficient and uneducated these people are. Consider the opportunity cost of having a barren land in a prime location like this. Either make it a park with a fountain so at least the pollution levels in fort will go down.
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Old May 31st, 2014, 05:17 AM   #429
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Quote:
Originally Posted by Lak_Diva View Post
This guy is a fucking joker. Krishh must have given him something for him to hold on to this project so much. Countries like Thailand and Vietnam, get billions of dollars in FDI during just the first few months of the year.

This shows how inefficient and uneducated these people are. Consider the opportunity cost of having a barren land in a prime location like this. Either make it a park with a fountain so at least the pollution levels in fort will go down.
Krrish is not dumb.They keep delaying this project till tourist arrival to SL hit its highest point.and not to let chinese mega projects like shangri-la,lotes tower, and port city identify chinese power over colombo .they keep their project bigger than chinese projects.You guys know when china took contract to build MRMR port,colombo south harbour and India want to develop KKS and Trinco Ports.China to mathara -katharagama rail line and India tn northern line. Noroccholei to China and Sampoor to India.We should try to take advantage of cold war of these super powers but not to become to do what ever they want to.become their small friend not slave.
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Old June 1st, 2014, 05:29 AM   #430
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Guys, I don't usually see updates on this thread. Let's talk about real projects and don't waste time on this.
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Old June 1st, 2014, 04:52 PM   #431
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http://www.sundaytimes.lk/140601/bus...er-100664.html
Krrish sssh!!!
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Old July 3rd, 2014, 02:45 PM   #432
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Krrish strikes deal with Ritz-Carlton

The controversial Krrish Transworks Colombo, the local unit of the Indian based property developer has struck a deal with the United States based global luxury hotel chain, the Ritz-Carlton Hotel Company to hand-over the management of its proposed skyscraper in the heart of Colombo, according to Sri Lanka’s Investment promotion Minister.

The joint agreement between Krrish and Ritz-Carlton is a commonly used arrangement in the hospitality industry where the developer hands-over the management of the facility to a specialist in the industry.

Meanwhile it was also revealed that the company runs the risk of losing its agreement with Urban Development Authority (UDA) if they fail to commence the constructions by this September.

“We will not allow them to start constructions if they do not make the balance payment and the UDA will cancel their agreement if they fail to start the constructions,” said Minister Lakshman Yapa Abeywardena.

The catch-22 situation the Krrish is in currently will compel them to settle their balance payment of Rs.639 million prior to September if they wish to start work on the site facing Hilton Colombo which was previously a car park.

Minister Yapa revealed that Krrish has so far paid a sum of Rs.4,355.5 million. However the whole Krrish deal is marred with allegations of delayed lease payments, bribing of officials and rumours that the government is taking away the project from Krrish.

Krrish made its last payment on September 12, 2013 amounting Rs.150 million out of which Rs.49 million had been for the 12 percent penal tax for late payments.(Dilina Kulathunga)


http://www.dailymirror.lk/news/49238...z-carlton.html
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Old July 4th, 2014, 03:57 PM   #433
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Whoever has the patience to fill out the forms for CTBUH please do here's the link : http://skyscrapercenter.com.
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Old July 4th, 2014, 04:00 PM   #434
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I really hope they start construction by or before September ,I cant wait ,it will be the 69th tallest future building!!!!!!!!!!
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