Lotus Tower fails to bloom on time due to irregularities - News Summed Up

Lotus Tower fails to bloom on time due to irregularities


Lotus Tower fails to bloom on time due to irregularities By Bandula Sirimanna View(s): View(s):Sri Lanka’s landmark 350-metre tall Lotus Tower slated to blossom in 912 days by 2015 following its ground breaking in November 2012 is still to see the light of the day owing to irregularities and embezzlements during the construction process. The land on which the Lotus Tower was erected had not been vested in the TRC by the Urban Development Authority (UDA) even by May 2018. However, in terms of the loan agreement, the period for the disbursement of the loan was due to be ended by August 18, 2016. The company has been entrusted with the task of establishing the television tower, and the Entertainment Centre as a public company under the ownership of the TRC. By reason of impossibility of establishing a company in terms of the Telecommunication Act, action had been taken to lease the Lotus Tower to a property Management Company as TRC has no powers to set up a public company.


Source: Sunday Times June 08, 2019 19:12 UTC



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