The Sri Lankan government this week formally re-possessed the land on which the Hilton hotel stands relegating the hotel’s owning company, Hotel Developers Lanka Ltd (HDL) to an organization without an asset, a huge debt totalling more than Rs 10 billion and continuing losses.
The Securities and Exchange Commission (SEC) is to rent three floors of the Board of investment’s (BOI) four vacant floors at the World Trade Centre (WTC), according to BOI and SEC sources.“The balance floor has been rented out early this month to Muthu Sivalingam, Deputy Minister Economic Development,” a BOI source told the Business Times.
