Keangnam’s fate will not affect Waterfront Project: JKH

17 April 2015 07:56 am - 0 - {{hitsCtrl.values.hits}}

A A A

Korean construction house Keangnam Enterprises, which holds a significant stake in the construction of John Keells Group’s Waterfront Project could be facing liquidation, after stocks hit the bottom in The Korea Exchange.
However, John Keells Group Deputy Chairman Ajit Gunawardene said that this would not affect the US$ 800 million project.
“As far as we are concerned, there is no impact. Our contract is with Hyundai,” he said.
Hyundai Engineering and Construction, South Korea’s largest builder, won the construction contract worth US$522 million, and currently holds a 65 percent stake, syndicating the remainder among other contractors.
According to Korean media reports, Keangnam has been surrounded in a bribery scandal involving Prime Minister Lee Wan-koo and members of President Park Geun-hye’s staff, and following capital losses, the company was delisted from the stock exchange.
Keangnam is said to have a 25 percent stake in the construction of the Waterfront Integrated Resort, and has numerous concurrent projects in Africa, the Middle East, South East Asia and Sri Lanka.
The company had said that there are other ongoing foreign projects for which information has not been widely published. It is now seeking guidelines from the judiciary on how to proceed with its international work, and is hoping to be allowed to find new investors and lines of credit, without which the company will have to be liquidated. (CW)

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Keangnam’s fate will not affect Waterfront Project: JKH

Comments - 0

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

SL on alert on possible genocide allegations by Canada

Sri Lankan among NASA’s new crew for next simulated Mars journey

Sri Lanka weighs Open Skies amidst plans for national carrier privatization

Uma Oya Development Project inaugurated

Two racing drivers arrested over Fox Hill tragedy

Racing event tragedy leaves seven dead including eight-year-old child

MIRROR CRICKET

Sahan Arachchige to lead Sri Lanka ‘A’

Is Chamari Athapaththu Sri Lanka’s greatest cricketer ever?

Athapaththu back atop ICC Women’s ODI Batting Rankings

Chamari Athapaththu sets big goal for T20 World Cup

TODAY'S HEADLINES

Foreign powers intensify surveillance on Presidential elections as strategic interests take centre stage

New uterine loop for monkey birth control

Sajith avoids reception hosted for Iranian President

Do not be afraid to use weapons, Minister Alles tells police

Sahan Arachchige to lead Sri Lanka ‘A’

Dates confirmed for 78th Bradby Shield

SLAS appoints independent committee for investigation

Pakistan lose key players for last two T20Is against New Zealand