Krrish: 5th deadline for final lease payment
View(s):The yet-to-start, Krrish mega development project in Colombo has secured yet another extension – its 5th in 20 months – until May 26 to pay the final payment of Rs.589. 7 million to close the land lease deal.
Investment Promotion Minister Lakshman Yapa Abeywardena told the Business Times that there was no reason by Krrish for further delays as they have only a 4 per cent balance payment to be made. Payment delays have occurred since May 2013. The total payment made by them up to now is Rs. 4.4 billion, he said adding that the full payment due is Rs. 4.995 billion. The last, previous extension was given last January.
Please turn The ministry has previously given four extensions to Krrish to make the payment with penal 12 per cent interest. The minister said the relevant gazette notification of order to grant special tax concessions to Krrish will not be issued unless the final payment is completed.
The Krrish project was tainted with a financial scandal over alleged kickbacks received by a prominent official to secure the contract for the company.