|
|
|
 |
 |
 |
| Thursday, 18 March 2004 |
 |
|
 |
News | |
| News Business Features Editorial Security Politics World Letters Sports Obituaries
|
The Chairman/ Director General Board of Investment Arjuna Mahendran referring to yesterday's Daily News page 1 lead story headlined BOI squanders staggering Rs. 990 million claims, that of the Rs. 990 million referred to in the article, decisions relating to contracts worth Rs. 960 million were taken during the tenure of the People's Alliance Government headed by President Chandrika Bandaranaike Kumaratunga. He also claims the management of the BOI who have never adopted a partisan political role in the 26-year-old history of this institution, firmly rejects any suggestion of impropriety in the decisions to spend the sums mentioned. The total Rs. 990 million refers to decisions taken from 1999 and covers a 5-year period. The largest expenditure items were Rs. 340 million granted as interest free loans to investors to construct factories in difficult locations, principally, Hambantota. The re-location of BOI offices to the World Trade Centre commenced in 1996 after the Central Bank bombing and the fire which gutted the BOI owned building at Sir Baron Jayatilleke Mawatha. This decision was taken to ensure the smooth functioning of the institution, and also to give confidence to the Singaporean investor who had built the World Trade Center at his own cost, and was facing a drop in occupancy due to the unstable civil conditions at that time. We have received the benefits of this decision today, whereby the same investor, Mr. S.P. Tao and his family, have decided to build a large building complex in collaboration with the Bank of Ceylon, at the site of the former Wellawtte Spinning and Weaving Mills, states the BOI chairman. In a number of projects referred to, the major cost related to acquiring land has not been lost to the BOI or the Government of Sri Lanka, since these lands at Ekala, Pugoda, Madapatha and Kamburupitiya, are now owned by the BOI and have appreciated in value. Editor's Note The news item referred to by the BOI Chairman was taken verbatim from the Financial and Operating Review of the Auditor General's annual report for the year 2002 which speaks for itself. The credibility of our news item stands firm and solid, however, much the BOI Chairman tries to distort it. His laboured efforts to explain away the squandering of a colossal Rs. 990 million shows where the blame really lies. |
|
News | Business | Features
| Editorial | Security
Produced by Lake House |
