Jan 25, 2012 (LBO) – State-run Sri Lanka Insurance Corporation will lead a consortium to invest and finish a half built high rise which the leisure group Hyatt has agreed to manage, economic development minister Basil Rajapaksa said. State-run Bank of Ceylon, People’s Bank and the state managed Employees Provident Fund and Employees Trust Fund of private sector worker’s retirement funds will also invest.9.2 billion rupees. The tower, styled ‘Celestial Residencies’ was initiated by the collapsed Ceylinco group of companies and was expropriated by the state last year through a controversial law.
Hyatt was expected to manage a hotel inside the mixed development from its inception and minister Rajapaksa said they have agreed to do so after it is completed by the new consortium.
Minister Rajapaksa said in addition to apartment buyers who had advanced cash, architects and contractors also had claims over the property.
He said advertisements will be published in newspapers shortly to ask anyone who has claims over expropriated properties to submit them before a special tribunal who will deal with them.
Sri Lanka’s The Sunday Times newspaper has reported that Sri Lanka Insurance is expected inject 6.8 billion rupees to t