Court faulted BOI for not examining the financial capacity of the original shareholders to invest in such a project, or even checking whether a foreign investor that was listed as J Yangihara, a 'Japanese' individual, who was said to be the principal investor, actually existed.
"In fact it does not appear that any inquiry was made as to whether Mr Yangihara even existed," court said and that at the time of issuing its approval the BOI "had never even learned of Mr Yangihara's first name."
Court said the BOI "without a shadow of doubt failed to discharge its duties" and had violated public trust.
The golf course was ultimately sold at a huge profit to Sri Lanka's Access Group, who developed the site.
Court also slammed UDA for betraying public trust by giving for commercial development land which was a