Accordingly, the reputed name of the Telecom University in Padukka, was recently sold for Rs. 410 million and its buildings and other properties were leased for 50 years.
Following is how the Colombo Stock Exchange was informed about this.
Telecom had initially spent Rs. 500 million to start the university and later had secured a Rs. 1 billion bank guarantee for its maintenance, which was also destroyed when it was sold, Sri Lanka Mirror learns.
However, Tempest Two (Pvt) Ltd, in Nawam Mawatha, which claims to have bought the company, has launched an official website shortly after the transaction.
Meanwhile, a request has been made to the Valuation Department to lease out more than 18 acres of land in Kotugoda owned by the company for 50 years.
Although it is a well-known fact that the Valuation Department gives a very low value in valuing lands, it is doubtful whether Telecom had asked the Valuation Department to lease out its land.
Union leaders work from home
eanwhile, it is said that most of the trade union leaders are allowed to work forum home to make the real estate transactions of the company easier for the management.