Krrish investors shaken by adverse publicity over delay, alleged graft
* Says all dealings with Sri Lanka govt. transparent, above boardJuly 18, 2013, 8:51 pm
Pic by Saman Abeysiriwardena
Amit Katyal Chairman Krrish Transworks Colombo Pvt. Ltd, a subsidiary of the Krrish Group India, said its investors were shaken over the constant adverse publicity over delayed payments and other controversies surrounding the project, the latest being allegations of a US$ 4 million bribe paid to top officials in the government.
"We are disheartened by the constant adverse publicity initiated by certain parties about this project without clarifying facts with us or the relevant authorities. Constant efforts to highlight that there is a payment delay and other unfounded controversies around the project could discourage not only us but also many other potential investors who were looking positively at Sri Lana," Katyal said in a statement issued yesterday (18).
"This has shaken confidence of the investors with whom we were in discussion for the financial closure," he said.
"Krrish has dealt with Sri Lankan Government and its officials in an extremely transparent manner and all our transactions have been above board. We categorically deny any allegation of otherwise as there was no need for it. While thanking all officials who advised us on the investment decision and supported our entry we would request those who have been raising concerns understand the correct facts and to support this project by appreciating the positive contribution it will make to the country in terms of foreign direct investment employment generation and economic contribution to the country.
Krrish transworks a Mega Mixed Use Development project was conceplualized mid 2012 and Krrish Group of India was selected by UDA after a proper evaluation on merit following the approved govt. procedures for land allocation.
"We were extremely impressed by the high enthusiasm and exemplary conduct of all official we met at UDA and other govt Institutes who provided with right advice and moved swiftly to obtain the necessary approvals for the project from the very first MOU we made it clear that Krrish would require a staggered payment plan for Land as we have the commitment to meet with in several multi billion dollars on going property development activities in India.
"We have been making payments according to the scheduled agreed and so far Rs 4250 million has been paid to UDA which constitutes 85% of the total payments.
"Meanwhile our project planning has been underlay with the world renowned architects/consultant, Edouard Francois of France Bob Atwal formers Norman Foster of UK, Buro Happold of UK Windtech of Australia, Coffey Geotech of Australia who have developed a unique concept for the proposed Krrish transworks which will make one of the iconic buildings in the future Colombo sky scrape," Katyal said.
The government earlier this week extended the deadline for the balance payments to July 31.