H’tota Port companies legally Sri Lankan entities: Malik

The two main companies operating at the Hambantota port would be legal entities of Sri Lanka even though there was a majority Chinese equity share, Development Strategies and International Trade Minister Malik Samarawickrama told Parliament yesterday. 

Taking part in yesterday’s adjournment debate on two resolutions pertaining to the Hambantota Port hand over to the Chinese and the relevant tax concessions, the Minster said that Hambantota International Port Services (HIPS) and Hambantota International Port Group were both registered in Sri Lanka.

“HIPS and HIPG are two companies registered in Sri Lanka. They will operate by our laws like any other company and their assets will remain Sri Lankan. Yes, there is a majority Chinese equity, but both legal entities are Sri Lankan.”