News
Presidential concerns ignored, no brakes on tyre empire
View(s):
Business tycoon Nandana Lokuwithana started clearing the 100-acre plot in the Wagawatte Industrial Zone in Horana this week, despite still not signing the lease agreement for the land with the Board of Investment. Mr. Lokuwithana proposes to set up a tyre factory there with a US$ 75 million investment. However, the deal being negotiated for him by the Development Strategies Ministry has raised serious questions. Among other things, he is being allotted the sprawling property at rates determined by the Government Valuer.
The rates are a fraction of what the BOI charges for land in that zone. President Maithripala Sirisena has also expressed concern regarding the project to the Cabinet Committee on Economic Management, but work goes on, regardless.
Pic by Indika Handuwala.