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New directors no impediment to Grand Hyatt construction: ministry

19 November 2015 03:06 am - 0     - {{hitsCtrl.values.hits}}

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Public Enterprise Development Ministry yesterday in a statement assured that despite the appointment of a new director board, the construction work of the Grand Hyatt Hotel project would proceed unimpeded.

The construction project is carried out by state-owned Canwill Holdings (Pvt.) Ltd of which Sri Lanka Insurance has 45.95 percent, Employees’ Provident Fund (EPF) 27.03 percent and Litro Lanka 27.03 percent.

Canwill Holdings was transferred over to the Public Enterprise Development Ministry headed by subject minister Kabir Hashim and Deputy Minister Eran Wickramaratne from the Finance Ministry during the Cabinet restructuring in September.

“The new board of directors has already fused the expertise of professionals from wide-ranging strata to ensure that the project would be completed as scheduled in the year 2017 devoid of any further delays,” the statement said.

However, the statement didn’t mention the names of the new board members.

The statement further noted that all tenders pertaining to the construction of the project have already been published in newspapers and are under evaluation by the board.

“The new board of directors is tasked with expediting work on the project, reducing waste and procuring returns on the invested share capital,” it said.
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