Investor moots comeback with new President at the helm

A staggering over USD 1.5 billion mixed development project centering around the Jaffna Lagoon which would have been the biggest single-ever investment in the region and a golf resort project with a theme park in Beragala to the tune of USD 1 billion had to be folded up due to the then Ministers, politicians in the area demanding a commission, diaspora investor, Dr. Vasudevan Rasiah said during the sidelines of the Jaffna Trade Show launch to be held in January.

He said that in addition BOI official’s lethargic attitude along with other red tape forced the foreign- based consortium with investors from the USA, Canada, the UK, Singapore, Indonesia, Malaysia and Sri Lanka to abandon this multi-billion project. He said the consortium had already spent around USD 5 million to draw up project proposals, conduct surveys and for various other related expenses.

Dr. Rasiah said that now he has faith in the new Government and especially with President Anura Kumara Dissanayake and wants to bring back these two stalled projects.

“As all the corrupt politicians who demanded ‘ransom’ from us are no longer in Parliament, I am trying to bring back these two projects,” he said.

Dr. Rasiah who is also an Executive Director of the Human Rights Commission in Geneva said the Jaffna- Sri Lanka mixed development project was to acquire 250 plus hectares of land on a long- term lease on either side of the Pannai Causeway.

“We were planning to have golf courses, high-end luxury villa type hotels and a yacht marina all to attract high-end tourists ”and said in 2012 a long- serving Minister of the area wanted this project to be brought through his Foundation while the then minister-in-charge of investment wanted a 10% up front commission to approve the project.

“However, I must say that the then Governor Maj. Gen. Chandrasiri made a sincere effort to get this project off the ground,” Dr. Rasiah said.

He sai that their second project, Beragala Eco Golf & Resort was to have an 18- hole golf course, a five- star hotel, theme park and for the first time luxury villas for senior citizens living overseas to retire and live in this proposed resort.

“I have also done multi-billion USD projects in many parts of the world before returning to Sri Lanka. The last three projects were in Indonesia under the Texmaco Group where I am a Vice President and in Bali under my own company, PT. Panorama Development,” he said.

After returning to Sri Lanka I invested in a world-class high-end boutique hotel, A’Lanknaa Resort in Haputale which is now being marketed at over USD 200 per night.

Dr. Rasiah who is also the President of the Yalpanam Chamber of Commerce and Industry said that he hopes that with the new administration the corrupt political culture would end which will help to bring a plethora of FDIs to Sri Lanka.

Source: Daily News