July 25, 2013 (LBO) – Sri Lanka’s Co-operative Wholesale Establishment (CWE), an virtually defunct state agency is in talks with Indian and Malaysian parties to build hotels in two prime properties, a parliamentary report said. The state agency has a 6.5 acre site in D R Wijewardene Mawatha in Sri Lanka’s capital Colombo which is expected to be designated a gaming and entertainment zone.
The agency was in talks with an Indian party to develop a five star hotel in the property, Sri Lanka’s parliament’s bipartisan Committee on Public Enterprises had been told.
A report of the committee said CWE also had property in Rajagiriya, a suburb of Colombo, where the agency was in talks with a Malaysian developer to start a 200-room city hotel.
The CWE owns property in several locations around the island. It collapsed in the late 1990s amid large trading losses.