Krrish payments to be completed in May

Investment Promotion Minister Lakshman Yapa Abeywardena yesterday assured that payments on the controversial Krrish project would be completed by the end of May. Dealing with the knotty issue, Abeywardena said that 81% of the Rs. 4,995 million project has been paid up, which is a value of Rs. 4,049 million.

He admitted that the total should have been completed by the end of March 2013 but stressed that the oversight was on the part of the Sri Lankan Government, which had to sort out a discrepancy with the Urban Development Auditory (UDA).

“Since the land for the Krrish project was given by the UDA, it was necessary for the Government to transfer two other acres to it. This had to be done by us so there were a few delays.”

He expressed confidence that the full amount would be paid according to the new timeline.

Krrish payments came to the limelight after UNP MP Dr. Harsha de Silva pointed out in Parliament that the company had not honoured its promise to pay the full amount by 15 December 2012. He strongly criticised the Government for approving 25-year tax breaks for the company and refusing to end the deal.