Analysing Sri Lanka's Property market, investment options and latest property news in Sri Lanka
Monday, 7 July 2014
Krrish group faces stay or depart directive
Krrish group faces a stay or depart directive issued by the government that allows them time till September – a final deadline – to pay the Colombo Fort Transwork square balance land lease payment, Investment Promotion Minister Lakshman Yapa Abeywardena told journalists in Colombo on Thursday.
The company had been given time till July 15, another of the many extensions it has received, to complete the land lease deal of around Rs. 5 billion of which a sum of Rs.4.4 billion has already been paid by them to the Urban Development Authority (UDA).In what is seen as the final deadline, Minister Abeywardena said, “If the company fails to complete payment before September, the final deadline, and ensure that the project would be completed in the given time frame, the project would be cancelled.”