Wednesday Dec 11, 2024
Wednesday Dec 11, 2024
Monday, 27 March 2017 00:03 - - {{hitsCtrl.values.hits}}
By Ravindra Galhena
The Hambantota Port lease that is being offered to the CMPort (China Merchant) is actually stale news; it has now been dragging on for several months although we have not seen any results yet. I wrote one full page in the Daily Financial Times (FT) in December. In layman’s terms, the deal was; that the CMPort has offered around $ 1.05 billion for 80% of equity on a 99-year lease. The remainder will stay with the Government of Sri Lanka or Sri Lanka Ports Authority.
We saw many debates, articles, protests and the like for and against this proposal in the recent past. The latest was last week’s seminar held at the Ceylon Chamber of Commerce. There, the industry people deliberated from different angles for more than two hours.
However, this week saw some new developments in respect of this case. The TV channel ‘Sirasa’ (7 p.m. news on 21 March) reported that the cabinet appointed a five-member subcommittee to find an investor for the Hambantota Port with no explanation at all. I was puzzled with this news as the Government was going ahead with the aforesaid offer made by the CMPort as an investor. This made me assume that the negotiations that have been said to be taking place with CMPort have fallen through, or was just eyewash!
Then on the following morning (22 March), the FT reported further news; I quote: “Special Assignment Minister Dr. Sarath Amunugama, joining the adjournment debate yesterday in Parliament, said: “According to the joint venture agreement, China Merchant would hold 80% stake and the remainder will be held by the Government. After five months, 20% equity will be made available, enabling any other investor to purchase through the stock market.”-Unquote-
The people of this country would need more details of the arrangements to digest these statements better.
If the latter was the case, why do we need a cabinet-sub-committee to find another ‘investor’ now? The CMPort deal is still intact! The subsequent 20% equity sale through the stock market is an established process, isn’t it? In my view, something is wrong somewhere and/or the facts have not been reported properly. Some information is missing?
Neither our Government nor the media seems capable ofclearly disseminating/reporting developments taking place for the benefit of the people of this country. This is just one incident only. Pathetic!
In my view, Sri Lanka needs more investigative journalism or more honest reporting to keep our citizens properly and adequately informed. When can we expect this?
