No Vacancy

HNB senior officials told Lanka Business Online that the Bank could consider rescheduling the loan if the owners put up a minimum 50 per cent of the outstanding amount before the auction.rn

rnMarawila Resorts Directors told shareholders on Tuesday that they were in negotiations with HNB to find an amicable solution.rn

rnHowever, HNB officials claim that numerous previous discussions have failed to encourage the Resort owners to meet their obligations.rn

rnHNB officials add that a number of investors put forward by the Bank, including some keen to buy it fully, had also been rejected by the Hotels Board.rn

rnHotel officials were unavailable for comment at the time of the report. rn

rnMarawila Resorts Limited has continuously failed to make profit, with accumulated losses reaching over Rs. 500 million at the end of its March 2002 financial year.rn

rnThe firm also carried close to Rs. 1 billion in negative assets in the same period. rn

rnAuditors KPMG Ford, Rhodes, Thornton and Company cautione