Krrish square saga plods on

The government is considering an option of handing over the land allocated to the delayed Krrish project in Fort to another investor, authoritative sources revealed.

The process, being studied, would involve the new investor paying the rental upfront and that money being used to return the money Krrish has already paid as part of the lease rental.

At least two big Chinese and Saudi Arabian foreign investors have approached the government to take over the property by settling the lease payment, their local agents told the Business Times.

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(Source: Sunday Times)

Krrish project now confronted with environmental issues

The Krrish square mixed development project tainted by scandalous financial deals is yet to get the Environmental Impact Assessment (EIA) approval to kick-start the project, informed sources said.

The Transworks building site at Colombo Fort leased by Delhi-based group Krrish is environmentally not suitable for a mega mixed development project, environmental experts have said. The Business Times learns that a leading environmental consultancy service which carried out a preliminary EIA has concluded that the site located in the heart of Colombo Fort was not feasible for such a mega project as it will create heavy vehicular traffic in peak hours and environmental pollution due to emissions and waste disposal. Recommendations made in the EIA report have not been followed by the investors, Environment Ministry sources said adding that EIA approval on drawings and building plans is essential before the test filling.

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(Source: Sunday Times)