The Finance Ministery has justified the government's decision to divest the Hilton and Hyatt hotels.
In a statement the Ministry said the Hyatt hotel had cost over Rs 15 billion to many state and non-state organisations. It was due to this reason that the government had to divest the Hyatt hotel without being a burden to the state.
The release also added that the Hilton Hotel needed to upgrade its hotel rooms 'to reach its full potential'.
Meanwhile, the Lazard Asia of Singapore and MTI Consulting of Sri Lanka, which possess experience in divesting hotels, have been selected as financial advisers, with the approval of the Cabinet, for the sale of the two state-owned hotels.
Former Chairman of SriLankan Airlines, Nishantha Wickramasinghe, arrested on allegation of corruption by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) has been remanded until July 1 by the Colombo Magistrate court.
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