Qatari investor loses $3 m investment in Sri Lanka energy firm
View(s):A reputed Qatar investor has sued a
Sri Lankan bio energy firm and its sole owner and Managing Director for allegedly defrauding US$ 3 million of his investment.
Efforts by Qatar embassy officials to intervene in the issue and settle it have not succeeded.
The Western Province Colombo High Court will open the hearing of this civil jurisdiction case on December 14 following a petition filed by the Qatar investor named Ali Abdulla Al Suwaidi. In his petition he claimed that although he was the sole investor of the funds required as the capital for the 2 MW rice husk fuelled power plant situated at Nintavur, Amparai, no shares were allotted to him. It has been filed against Bio Energy Solutions (Pvt) Ltd of Katugasthota, Kandy and its owner and Managing Director (MD) Zainulabdeen Mohamed Hairu. The MD of the company had unlawfully taken action to remove the Qatari investor who was a director and two other directors, his nominees of Bio Energy Solutions Pvt Ltd registered as a private limited liability company, the petition said.
The Qatari investor also claimed that the MD had intentionally cheated and stolen his investment of $3 million by promising return of investment and fraudulently denied the clear title for share ownership of the company.
He cited the company, Bio Energy Solutions (Pvt) Ltd, Managing Director and four others as respondents. He pleaded from the Court to issue an order that the Petitioner’s name be entered into the Share Register of the 1st Respondent Company to reflect the Petitioner’s investment of $ 3million in the 1st respondent Company.
The proposed power plant approved by the Board of Investment, Sri Lanka could supply at a generating capacity of 2 MW to the National Grid around the clock at about 1.5 to 1.6 Kg/hour rice husk consumption.
On that basis the proposed power plant would consume approximately 70 metric tonnes of rice husk per 24 hours which is 20 per cent of the rice husk available locally within a 1.5 km radius of the proposed power plant at Nintavur.
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