brand logo

Port City denies US Ambassador’s claims

05 Aug 2021

 
  • One of Port City companies under US sanction list: Teplitz
  • Port City says no connection with US sanctioned company
  Releasing a statement, Port City noted that neither CHEC Port City Colombo, nor its parent company China Harbour Engineering Company (CHEC) or the China Communications Construction Company (CCCC), are listed in the US sanctions which were announced in August 2020.  CHEC Port City Colombo (Pvt.) Ltd. yesterday (4) clarified its position regarding the remarks made by the US Ambassador to Sri Lanka Alaina B. Teplitz while addressing a group of journalists recently, where she reportedly stated that “the US does have one of the companies working on the Port City Development on our sanctions list, so doing business with that company may not be something that’s advisable”. As clearly announced back in August 2020, CHEC Port City Colombo wishes to reiterate that the company has no direct business relationship with any of the CCCC’s subsidiary companies targeted by US sanctions. The subsidiaries which were included in the said US sanctions were a few companies involved in South China Sea reclamation work. The land reclamation work of Port City Colombo conducted by CHEC Port City Colombo (Pvt.) Ltd. is an entirely different subsidiary of CCCC. Furthermore, it is important to note that there were no US actions against the project company’s parent company, CCCC at any point. CCCC is a Fortune 500 company currently ranking 78th. It added that land reclamation work for Port City Colombo was completed back in January 2019. Construction of state-of-the-art internal infrastructure is currently being carried out and 20 land plots are now ready for vertical construction.  It was the intent of CHEC Port City Colombo (Pvt.) Ltd. to bring clarity to Ambassador Alaina B. Teplitz’s misleading comments and provide an unbiased understanding of Port City Colombo. Investment friendly policies, efficient administrative systems, coupled with the master planned city to be built on sustainable principles make Port City Colombo a compelling investment opportunity for any investor regardless of the nationality, Port City added further.


More News..