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‘Selendiva has attracted no investors’ 

22 Sep 2021

  • Harsha demands information on investors and investments if any 
  • Claims no investments due to state of the economy 
By Imsha Iqbal  Economist and Samagi Jana Balawegaya (SJB) Parliamentarian Dr. Harsha de Silva yesterday (21) during a parliamentary session disclosed that no investors have come forward to invest in Selendiva Leisure, a state-owned property development entity.  He said that the reason why investors have not come is the state of the economy and demanded the Government to provide details of the investors who have come forward to invest in Selendiva Leisure.  He questioned: “Who are the investors who have come to the Selendiva?” Continuing on how in spite of government measures that have been taken in establishing Selendiva, no income has been generated by the entity, thereby creating no revenue to the Government, Dr. de Silva demanded: “Provide us details on a single dollar that has been generated.”  Dr. de Silva pointed out that current Central Bank of Sri Lanka (CBSL) Governor Ajiith Nivard Cabraal said during a recent Bloomberg interview, which he took part in, that Selendiva is expected to generate income of approximately between $ 400 million and $ 1 billion within this year.  He further said that buildings of the Ministry of Foreign Affairs, Postal Department Head Office, Waters Edge, Hilton Hotel, Grand Hyatt Colombo, and 80 Club of Colombo were offered to be sold in order to generate income to the country.  The Cabinet of Ministers on 4 March 2020 approved a proposed investment facilitation structure for the newly formed Selendiva Investments Ltd., allowing the firm to set up three investment portfolios under the public-private partnership (PPP) model as a measure for the better management of state assets.  The Treasury holds full ownership of the company, and state-owned Canwill Holdings (Pvt.) Ltd. (owning company of Hilton Colombo), Hotel Developers (Lanka) Ltd., and Grand Oriental Hotel have been vested with Selendiva Investments at present. As per the cabinet paper submitted by Prime Minister Mahinda Rajapaksa, in his capacity as the Minister of Urban Development and Housing, and approved by the Cabinet of Ministers, an investment facilitation model based on a PPP has been planned by Selendiva Investments with a view to facilitate the identified state-owned institutions and investments. Under this, it has been identified to implement three investment portfolios: The Heritage Square in Colombo Fort, real estate development, and the state-owned hospitality sector.  Nevertheless, the Opposition raised several concerns following the announcement that Selendiva Leisure would be listed on the Colombo Stock Exchange (CSE).


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