FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post



Poll

Can there be another Covid-19 wave in Sri Lanka?

Harsha nails Lakshman Yapa over his assurance in Parliament on Krrish payment Vote_lcap68%Harsha nails Lakshman Yapa over his assurance in Parliament on Krrish payment Vote_rcap 68% [ 178 ]
Harsha nails Lakshman Yapa over his assurance in Parliament on Krrish payment Vote_lcap18%Harsha nails Lakshman Yapa over his assurance in Parliament on Krrish payment Vote_rcap 18% [ 47 ]
Harsha nails Lakshman Yapa over his assurance in Parliament on Krrish payment Vote_lcap13%Harsha nails Lakshman Yapa over his assurance in Parliament on Krrish payment Vote_rcap 13% [ 35 ]

Total Votes : 260

STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Harsha nails Lakshman Yapa over his assurance in Parliament on Krrish payment

Harsha nails Lakshman Yapa over his assurance in Parliament on Krrish payment

3 posters

Go down  Message [Page 1 of 1]

sriranga

sriranga
Co-Admin

UNP MP Dr. Harsha de Silva yesterday said that Krrish was bound to pay the full lease amount by 15 December as per the assurances given by Deputy Economic Development Minister Lakshman Yapa Abeywardena in Parliament recently.

Dr. De Silva was responding to news reports that Krrish paid Rs. 1.4 billing last week bringing the total advance to Rs. 2 billion (40%) out of Rs. 5 billion due.

“Deputy Minister Abeywardena told Parliament that Krrish will pay 100% by 15 December which hasn’t happened. He can’t mislead the House since Parliament has the full control of finance and it is Parliament that approved massive tax breaks running into 25 years for Krrish based on the information submitted to Parliament under the Strategic Investment Bill. If those conditions are not met then the tax breaks and other incentives must be pulled out and or agreement cancelled,” UNP MP said.

“The Government can’t take Parliament for a joke, particularly if they are hell-bent on saying the Parliament is supreme,” quipped Dr. De Silva.

Deputy Minister Abeywardena in response to questions raised by UNP said that Krish had paid 10% as advance and the balance 90% will be paid when the Indian firm signs agreement with Urban Development Authority (UDA) on 14 December.

In his answer as per hansard copy of 24 November proceedings, Abeywardena also described 10% as $ 49 million. This meant that the balance amounts to $ 441 million (which is Rs. 57.3 billion). In fact $ 49 million being 10% was said twice during his answer. It appears that Deputy Minister has got the numbers wrong judging by Krrish announcement that the full lease amount is only Rs. 5 billion.

The investment of Krrish’s project is $ 411 million.

In its announcement Krrish said the advancement of Rs. 1.4 billion last week bringing the total to Rs. 2 billion whilst UDA was still processing the handover of the lease, was to demonstrate Indian firm’s commitment towards Sri Lanka and the prestigious project.

Dr. De Silva recently expressed hope that this agreement was signed on 15 December and the government will make the announcement. “However if Krrish Group is either unable or unwilling to meet the conditions of the revised agreement the Government must take immediate steps to cancel this agreement on underperformance as per the expropriation legislation enacted last year that was selectively applied only on certain identified investors,” UNP MP added.

The Government by Extraordinary Gazette 1778/3 dated 1 October 2012 notified that the Krrish project had been identified as a strategic development project and approved a large number of benefits including 25 year tax breaks on income, on dividends to shareholders, on PAYE by employees. Furthermore it provided exemptions on withholding tax, on VAT and on PAL and also from customs duty.

Titled ‘Krrish Square’ at the Transworks Square in Fort, the project would be one of the finest residential and commercial projects in Asia. Krrish Group will make the heritage building one of most sought-after luxury heritage resort hotels in this part of the world. In line with the group’s commitment to excellence and quality, and having attained prominence in the Indian subcontinent, the Krrish Group said it was poised to bring world class, luxurious residential and commercial spaces to Colombo.
http://www.ft.lk/2012/12/25/harsha-nails-lakshman-yapa-over-his-assurance-in-parliament-on-krrish-payment/

http://sharemarket-srilanka.blogspot.co.uk/

Fresher


Moderator
Moderator

by the looks of it, Krrish will have it's payback within the 25 years just because of all the tax breaks. (Will it pay even a cent as tax?)

just saying...

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

This is another going concern subject which will be slickly fading away as many perpetrators have not been apprehended in involvement with massive criminals & fraud.

With all blessings, could the citizens of Sri Lanka dream a just & fair society ruled by upright & law-abiding administration in the year 2013 onward???...





Sponsored content



Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum