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Govt. amends H'tota Port Project Agreement

18 March 2017 06:54 am - 8     - {{hitsCtrl.values.hits}}

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The Government is reported to have amended the agreement with China Merchants International Ltd. on the Hambantota Port Development Project with the inclusion of a proposal, among others, for a 60 per cent equity swap instead of 80 per cent as proposed in the initial agreement.

The Cabinet Committee on Economic Management is said to have discussed the amended version at its meeting this week. A memorandum containing the salient features of the amended version was presented to the members. Daily Mirror learns that the Chinese Company has agreed to do away the provision in the previous draft agreement that the Sri Lankan authorities should stop any port development activity within a 50-kilometre radius of the Hambantota Port.

According to the new agreement, the port security is a matter for the Sri Lankan authorities and that a 20 percent equity of the proposed joint venture can be sold to a third party.

The amended version of the agreement has been sent to the Port and Shipping Ministry for perusal. (Kelum Bandara)

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  Comments - 8

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  • ANTON Saturday, 18 March 2017 08:52 AM

    PLANNING, AMENDING THE PLANS ...... PLANNING AGAIN ........ GOING ABROAD , COMING BACK, AMENDING THE PLANS AGAIN....

    pali Saturday, 18 March 2017 09:35 AM

    haha, what a nice move, "20 percent equity of the proposed joint venture can be sold to a third party" china going to buy it later :D -- pathetic

    RD Saturday, 18 March 2017 09:38 AM

    Accordingly now SLPA can sell 20% of its stake to any third party. Hope the government / SLPA do not intend to fool the people by introducing these types of new clauses as they can sell that 20% to CHEC.

    JAN Saturday, 18 March 2017 09:54 AM

    Yes RW wants to pawn this country as MR Did for 99% lease give us transparent way and 60%40% Plus 50year lease totally No militaryillegally activities via DM Android App

    Lord Wolfstein Saturday, 18 March 2017 10:34 AM

    At the time when Iceland had great economic problems, they allowed the Chinese to come into the country. Now they can not get rid of them. This should be a warning for Sri Lanka.

    Tikiri Saturday, 18 March 2017 01:10 PM

    who is that third party? I hope it will not go to any hostile nation

    gobbaya Saturday, 18 March 2017 03:11 PM

    so the ministers greed prevailed..he can get his kickback from the 20% via DM Android App

    Ranil Wijeyesekera Saturday, 18 March 2017 03:26 PM

    The chinese can pad up cost in Port and have Sri Lanka to pay for the loss/.


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