BOI signs MoU worth US dollars 2bn – Yet another malpractice?

BOI signs MoU worth US dollars 2bn – Yet another malpractice?

Written by Staff Writer

04 Jul, 2017 | 9:12 pm

The Daily Mirror reported on July 01 that the BOI signed a Memorandum of Understanding worth USD two billion for a project called the World Capital Centre (WCC).

The company that is involved in this major investment is the UAE-based Al Aman Group.

The project is the construction of a 625 metre residential building with 117 floors, hotels, shopping complex comprising parking facilities as well.

The MoU for the project was signed by the Chairman of the Board of Investment Upul Jayasuriya and officials of the WCC company.

Upon successful completion, this will be the third tallest building in Asia and the ninth tallest building in the world.

However, several factors that caused eye-brows to raise have come to light after going through details pertaining to this particular investor.

The address listed in the Al Aman Group website is a local address. The company is located in Galle Road, Colombo 04 with a branch in Ajman, UAE.

The telephone numbers listed in the project website and the company website are  the same.

When News1st spoke to a Director of the AL Aman group, Dr. Senaka Silva, he noted that the project is only USD 1.2 billion.

Despite the fact that a large sum of money is involved in this project, a location has not yet been decided for the construction.

Dr. Senaka Silva said it will be constructed in Welikada, while the BOI says that it will be constructed in Fort.

When looking further into the details pertaining to the company that is carrying out the investment, a considerable number of people on its Board are of Sri Lankan origin.

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