Krrish deadline for lease payment nears
The Krrish Group is most likely to make the final payment for the land lease in its Transworks Tower project before or by the September deadline, a senior official said.
Deputy Director General Urban Development (UDA) Nihal Fernando told the Business Times that Krrish is drawing up designs of the project and unlikely to withdraw from the project as they have to pay only another 10 per cent of the due land lease payment.However it is the same 10 per cent payment that has been delayed by the organisers since March 2013.
The government has issued a September ultimatum to the Krrish Group, to either take up the project by paying the balance of Rs. 639.5 million plus 12 per cent interest totalling Rs.800 or depart.
Meanwhile Treasury officials said they are yet to receive details of all payments made up to now by Krrish, a procedure that is followed in all mega and mixed development projects.
In the case of other mega development projects like Shangri-La and CATIC, all payments up to date had been deposited in Treasury General Accounts, a senior official revealed.