Analysing Sri Lanka's Property market, investment options and latest property news in Sri Lanka
Sunday, 1 February 2015
Sinolanka deal of Celestial Residencies opens can of worms
The deal involving the takeover of ownership of Celestial Residencies, one of the valuable and iconic properties of the failed Ceylinco Group, three years ago from the then government by Sinolanka Hotels and Spa (Pvt) Ltd has opened a can of worms, following a complaint lodged by Deputy Minister of Planning and Economic Affairs Harsha de Silva at the Bribery or Corruption Investigation Commission this week.
Dr.de Silva in his complaint made a request from the Bribery Commission to investigate the corrupt incident of the previous government taking over the massive 47 story building being constructed opposite Temple Trees from the collapsed Ceylinco Group and selling it to Sino Lanka for a bid of Rs. 375 million while Ceylinco Shriram, another failed entity of Ceylinco, had already received a bid for Rs. 7.5 billion.