Asia Capital sends Letter of Demand to Belluna Lanka over non-payment of $ 0.5 m

Monday, 22 May 2023 00:25 - - {{hitsCtrl.values.hits}}

Asia Capital has recently issued a Letter of Demand to Belluna Lanka Ltd., over $ 510,818 unpaid by the latter.

As per the letter by 31 March 2022, Belluna Lanka owed $ 1.5 million and had part settled $ 1 million leaving $ 0.5 million unsettled. The latter amount is being disputed by Belluna.

The letter of demand by Asia Capital Chairman Thilanga Sumathipala, is in view of serious losses.

Asia Capital and Belluna have had several MOus in relation to several projects - Galle Heritage Lanka, Marine Drive Hotels and Miriandhoo Maldives. The MoU required completion of the said projects at the earliest and to complete additional investments were required from Belluna and a certain percentage of Additional Investments were to be designated and paid to Asia Capital as Cash Receivables. The applicable percentages were Galle Heritage Lanka (3% fee percentage for additional investments), Marine Drive Hotels (1% fee percentage for additional investments), Miriandhoo Maldives (3% fee percentage for additional investments).