‘Silver Park’ boosting Hambantota not linked to China: Norwegian agency

[TamilNet, Tuesday, 02 April 2019, 23:41 GMT]
"Hambantota got a new boost that was nothing to do with China or the BRI," reported a global shipping news service on Monday. The reporting agency, TradeWinds, is headquartered in Oslo, Norway. The China Merchants Port Holdings (CMPH) which controls the Hambantota port has conveyed to Indian and US diplomats who visited the port that its security was led by retired Sri Lankan admiral Jayantha de Silva and not by China's People's Liberation Army Navy (PLAN), the report further observed. In the meantime, UPFA MP Asanka S Semasinghe was alleging that Tamil Nadu DMK Politician S. Jagathrakshakan's family-owned business could be a money laundering project. SL Minister of ‘Development’ Strategies and International Trade Malik Samarawickrema (UNP) was rejected his allegations on Tuesday.

The UPFA parliamentarian from Anuradhapura was referring to a recent warning coming from the Transparency International Sri Lanka.

A few days ago, Transparency International Sri Lanka (TISL) Executive Director Asoka Obeyesekere warned that the investment could harm SL efforts to remove itself from the Financial Action Task Force’s (FATF) ‘Grey List’ of countries vulnerable to money laundering.

“In light of the efforts being made by the Central Bank of Sri Lanka to get off the FATF Grey List, it is essential that the Board of Investment conducts enhanced due diligence on the Silver Park International investment, given that its directors fall squarely within the FATF definition of politically exposed persons,” Obeyesekere said in a statement issued by the TISL on 27 March.

“The main investor in the project, the Singapore based ‘investment vehicle’ Silver Park International PTE Ltd, is a company controlled by the family of Tamil Nadu politician and former Indian Union Minister Dr. S. Jagathrakshakan, whose business interests have previously been implicated by Indian authorities and the media in several alleged corruption scandals,” the TISL statement further noted.

Obeyesekere concluded, “the importance of such information being in the public domain cannot be understated, especially in the case of major foreign direct investment which will have a direct impact on the local economy. Ensuring transparency and accountability in these processes will also enhance the country’s efforts to attract bona fide foreign investment”.


External Links:
Transparency International Sri Lanka: Hambantota Refinery Project a Potential Money Laundering Risk: TISL
Daily FT: Perseverance, SL’s strategic location bring biggest FDI project to fruition
TradeWinds: Chinese outpost in Sri Lanka gets India cargo boost


Chronology:

 

Latest 15 Reports
09.01.21 09:37   Photo
Demolition of Tamil genocide monument, fourth emblematic trauma since 1974: Rev Fr Sakthivel
08.01.21 23:51   Photo
Colombo destroys Mu'l'livaaykkaal memorial monument at Jaffna University
07.01.21 11:22   Photo
With emphasis on genocide, Suresh calls for ICC-referral, IIIM and referendum
07.01.21 00:04   Photo
Boyle prefers IIIM demand over ICC-referral, says specific reference to genocide essential
06.01.21 14:26  
Indian Minister of External Affairs Jaishankar trades off Tamils’ sovereign rights
05.01.21 07:08  
TNPF's reluctance, NGO-meddling pose challenges to formulating joint Tamil demands to UN: Shivaji
06.12.20 15:44   Photo
Colombo’s brutal suppression of Tamil Heroes’ Day counter-productive to stated objectives: Tamil MP
27.11.20 16:44   Photo
Occupied Tamil Eelam marks Heroes' Day indoors, SL military detains seminary principal
16.11.20 18:45  
China launches world’s biggest regional trade agreement without Indian participation
31.10.20 10:58  
Tamils risk Kashmir-like status revocation if Gota continues Trinco military cooperation with US
06.10.20 11:40  
Poet Pulamaipithan who championed Tamil Eelam solidarity in Tamil Nadu turns 85
28.09.20 23:19   Photo
Muslims join Tamils opposing Colombo's suppression of Thileepan Remembrance in North
27.09.20 12:05   Photo
Tamils unify to mark Thileepan Remembrance, brave Colombo's suppression of memorialisation
26.09.20 09:10   Photo
Commemorating sacrifices of Tamil struggle is an inalienable right, not a subject for ‘SL permission’
25.09.20 22:08   Photo
South Asia mourns SPB's demise
 
Find this article at:
http://www.tamilnet.com/art.html?catid=13&artid=39403