Friday, 3 July 2015

Hyatt heist!

-Initial cost of Rs. 13 b doubles due to massive mismanagement including 
-Rs. 5 b EPF funds
-Former board had no formal meetings, contracts doled out with no tender procedure 
-Rs. 300 m spent on H’tota Hyatt even before start, project to be cancelled by new officials 

-Colombo Hyatt to open by 2017 after three-year delay

A forensic audit into the Hyatt hotels in Colpetty and Hambantota has uncovered mass fraud resulting in initial cost estimates more than doubling from Rs. 13 billion to Rs. 27 billion and the company facing a shortfall of nearly Rs. 9 billion to complete the project, its new director board said yesterday.  


(Source: Daily Mirror)

Criminal probe for Sri Lanka Insurance Corporation, Litro Gas hotel deal

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