News

No special concessions for Rothschild

By Pamodi Waravita

 

Nathaniel Rothschild, who visited the Port City Colombo on 15 January expressing interest in making a future investment, will not be provided special concessions for any potential investments, The Morning learnt.

“Rothschild would not be granted any special concessions for any investments he may make in the Port City,” CHEC Port City Colombo (Pvt.) Ltd. Country Manager – Sales and Investor Relations Radhika Ellepola told The Morning yesterday (17).

The Cabinet of Ministers is due to draft the proposed law on the concessions that would be granted to the Special Economic Zone at the Port City within the next two months, Ellepola added.

“While Rothschild would be able to benefit from these concessions, as would any investor, no special concessions would be granted specifically to him,” he said.

A member of the famous European investment banking family, Rothschild had expressed keen interest in investing in the hospitality sector of Sri Lanka which had prompted his visit to the Port City last week, accompanied by Sri Lankan-born British politician and former EU Parliamentarian Niranjan Deva Aditya and corporate sector veteran Rajan Brito. Upon being briefed on the project, Rothschild had shown particular interest in the integrated theme park that is due to be constructed, the “Marina” of the island, and the hospitality sector.

Ellepola further said that they would maintain future discussions with Rothschild’s team about his expression of interest in investing in the Port City.

The 269.3 hectare reclaimed site of the Port City Colombo would host five sections, namely the “International Island”, “Central Park Living”, “International Finance City”, “Living Island”, and “Marina + Lifestyle”. The developers claim that when completed, Port City would become the hub of South Asia.