Oct 31, 2017

Arjun Aloysius' father obtains estate on Rs. 8,000 lease! Featured

Geoffrey Joseph Aloysius, father of Perpetual Treasuries owner Arjun Aloysius, has obtained the 450 acre, state-owned Mahakudugala Tea Estate in Kandapola on a Rs. 8,000 per month lease until 2045, ‘Irida Lanka’ reports.

The leasing agreement includes a condition that the party that gave the land on lease should make a Rs. 1.5 million monthly payment to the party that obtained the land on lease.

It was signed on 26 September 2015, after the present government took office.

Owned by the Plantation Industries Ministry, the estate was given to Mathurata Plantations on a 50 year lease in 1982, and Geoffrey Aloysius obtained it on a sub-lease although that company had no power to do so.

To sign the agreement, a new company named Serendipity Plantation, chaired by Geoffrey Aloysius, was formed.

The tea estate has two bungalows, houses for workers, a maternity home and a medical centre.

It also has 19,610 valuable trees.