Krrish finally seals Transworks House land deal in Colombo

Indian real estate company Krrish Group has finally sealed the controversial Transworks House land deal, that drew allegations of huge pay-offs to politicians and officials, signing a lease agreement with the Urban Development Authority (UDA) in October.The new agreement, not known to the public until officials revealed it to the Business Times (BT) on Thursday, involves a block of land slightly smaller in size than the earlier proposed deal. Officials at the Board of Investment (BOI), which has been involved in the negotiations, said they were unaware of the new development but were checking on the query by the BT.

The move paves the way for work to begin at the long-overdue US$650 million mixed development project at a British era heritage building site in Fort. The signing of the new lease was confirmed both by a senior UDA official and an official at Krrish’s local office.In the aftermath of signing the agreement between the UDA and Krrish Transworks Colombo (Pvt) Ltd, the police Financial Crimes Investigations Division (FCID) launched an investigation into the irregularities and alleged secret payoffs in the Krrish project made to some top officials of the former regime including some powerful politicians to fast track relevant approvals, official sources revealed.

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