Krrish denies Sri Lanka allegations, says investor confidence shaken

July 18, 2013 (LBO) – India’s Krrish group which is involved a property project in Sri Lanka has denied wrongdoing and said recent media reports had shaken the confidence of investors it was in talks with.

Katyal thanked official who advised and supported the group’s entry and asked those raising concerns to “understand the correct facts and to support” the project.

Krrish made news when it requested extensions to pay for state land given to it by the Urban Development Authority (UDA) in Sri Lanka, while allegations of pay-offs have surfaced recently involving a key official and powerful figures.

Krrish said it had so far paid 4,250 million rupees which is 85 percent of the agreed amount.

“Constant efforts to highlight that there is a payment delay and other unfounded controversies around the project could discourage not only us by many other potential investors who were looking positively at Sri Lanka,” Krrish chairman Amit Katyal said in a statement.

“This has shaken the confidence of the investors with whom we were in discussion for the financial closure.”

He said architects Edouard Francois of France and others were developing iconic buildings.

Katyal said dea