News

Lotus Tower looking for investors

Published

12 months ago

May 28, 2023

editor

The Lotus Tower is looking for investors for its 44,000 square foot second floor after a rent agreement with a Singaporean company, backed by State Tourism Minister Diana Gamage, to set up a casino and entertainment area, lapsed with its conditions being unfulfilled.

A Singaporean firm named Kreate Design PTE forged a deal with the Lotus Tower Management Company (Pvt) Ltd (LTMC) last year for the sprawling floor in the tower base. The signing ceremony was attended by Minister Gamage and Arosha Fernando, Coordinating Secretary to the State Tourism Minister.

But three months into the agreement, its conditions–including that the company would secure the requisite casino licence–were not met. A month’s extension was granted on request but this, too, has expired, said Maj. Gen. (Rtd.) Prasad Samarasinghe, LTMC Chief Executive Officer and Director.

“The floor is now open for anybody and we will be floating a tender in this regard,” he said. Rent goes at Rs. 500 per square foot and Rs. 100 per square foot for common areas.

Minister Gamage had claimed that Kreate would open Sri Lanka’s “first foreign-funded casino and entertainment hub” at a total input of US$ 1bn over three years. She said business was introduced to Sri Lanka in late November by her and that it would be the largest investment for the country since the COVID-19 pandemic.

“All our plans are now ready to put into action as we will deliver what we have promised without any failure,” she was quoted as saying. The Singaporean company had reportedly tied up with a local firm through which it had applied for a casino licence.

Maj. Gen. Samarasinghe later confirmed that the company had signed a memorandum of understanding (MoU) for an annual rental of US$ 1.4mn. Under the 10-year agreement, LTMC was to have received a six-month refundable deposit and operations were to start last month.

LTMC has notified the parties that the MoU, along with the extension, lapsed on May 7. “We will be calling for proposals for a rent model and whoever wants to can bid,” Maj. Gen. Samarasinghe told the Sunday Times. “It doesn’t have to be just for a casino, it can be any model.”

Among the parties who inspected ii is an Omani investor who has previously expressed interest in UDA properties around Colombo; and an Indian investor who is also considering the casino option. The tender has not been advertised yet.

Considerable space in the Lotus Tower has already been rented out to food suppliers and others. And a deal is being hammered out for the management of the revolving restaurant, two banquet halls, six suites and kitchen.

There is a bungee jumping operator and a mega zip-line is also on the cards. All space on the dedicated technology floor is now filled, Maj. Gen. Samarasinghe said. More than 828,000 people –14,700 of them foreign tourists — have visited the tower so far.

(sundaytimes.lk)

News

SC concludes hearing petitions against ‘Sri Lanka Electricity Bill’

Published

2 hours ago

May 13, 2024

editor

The Supreme Court has concluded its hearing of the petitions filed challenging the proposed Sri Lanka Electricity Bill, which includes proposed reforms for the electricity sector.

Accordingly, the court announced that it will inform the determination to the Speaker of Parliament confidentially.

The petitions were heard before the three-member Supreme Court bench consisting of Justices Vijith Malalgoda, Shiran Gunaratne and Arjuna Obeysekera for three consecutive days.

The petitions were submitted by 14 parties including the secretary of the Ceylon Electricity Workers’ Union, Ranjan Jayalal.

(adaderana.lk)

(This story, originally published by adaderana.lk has not been edited by SLM staff)

News

Donald Lu calls on President Ranil

Published

2 hours ago

May 13, 2024

editor

United States’ Assistant Secretary Bureau of South and Central Asian Affairs, Donald Lu, called on President Ranil Wickremesinghe today (May 13) at the Presidential Secretariat.

During the meeting, extensive discussions were held regarding Sri Lanka’s economic recovery strategies. President Wickremesinghe’s unwavering dedication and commitment to implementing the economic reform program was highly appreciated.

The President was accompanied by the Senior Advisor on the National security and Chief of Staff, Sagala Ratnayaka, Secretary to the President, Saman Ekanayake, United States Ambassador to Sri Lanka Julie Chung and Director of International Affairs, Dinouk Colombage.

(President’s Media Division)

News

Concessionary vehicle permits: MPs have their way, ignoring economic crisis

Published

15 hours ago

May 13, 2024

nipuni

Despite the cost of living sizzling at red hot levels and the country being cash- strapped, the House Committee of Parliament has endorsed the proposal to offer concessionary vehicle permits for MPs as requested by them, a top source said.

The source familiar with the decision said the committee which looks into the requirements of the MPs positively considered the request by them for such permits in line with the similar facilities offered to executive graders in different categories of the public service.

The MPs , numbering more than 100 and representing different parties, submitted a letter to Speaker Mahinda Yapa Abeywardena asking for permission to import vehicles with no duty for their use.

Following the approval by the House Committee, the Speaker is expected to write to President Ranil Wickremesinghe who is authorized to execute the decision as the Finance Minister.

After constitution of every Parliament, the MPs are given vehicle permits . However, the MPs elected to the current Parliament at the 2020 general election did not get the benefit due to the economic crisis and the ban on vehicle imports to save foreign exchange.

The government is now mulling the possibility of lifting the ban. The MPs are likely to get permits once the ban is lifted only.

In the past, there were reports about the MPs selling off their permits and earning multimillion rupee revenue each.

(dailymirror.lk)

(Except for the headline, this story, originally published by dailymirror.lk has not been edited by SLM staff)