- Criticises plan to sell land to Chinese company, says prices will fall
- Claims project is not FDI as Govt. will guarantee loan from EXIM bank
- Alleges transactions questionable as company banned by World Bank in 2009, suspicious deals in 7 countries
Pinpointing a shocking aberration from good governance UNP MP Dr. Harsha de Silva yesterday laid bare what he termed a “dump and pump” scheme of the Government concerning the proposed US$ 1.4 billion port city project, which is to be developed with a Chinese company banned by the World Bank.
De Silva termed the project “Colombo’s largest land scam” and insisted the project would do harm to the Sri Lankan economy and by extent the people on several points. He charged that the continental shelf to be utilised for the project under international law belonged to the country and that despite previous statements made by President Mahinda Rajapaksa, the Government was planning on selling it outright to a corrupt foreign company.
The Government hopes the construction of a port city along the iconic shoreline of capital Colombo with Chinese input will attract US$20-25 billion of foreign investment. Phase I of the land filling project is expected to start in the next few months and will likely to be completed in 24 months while the project itself will be completed within 39 months.
China Commu-nications Construction Company (CCCC) has come forward to invest in the land filling process and will acquire
170
hectares from the total 233 hectare land area. According to the Cabinet
paper approved in November the Sri Lankan Government will receive the
remaining acres, which will be up for sale for commercial or
recreational purposes.