A Singapore-based company in which stakes are held by the family members of former Union Minister of State S. Jagathrakshakan of the DMK has been linked to a record foreign direct investment of $3.85 billion in an oil refinery in Sri Lanka. The Singapore company, Silver Park International Pte Ltd, is putting 70% of the share capital — a total of $1887 million — in the project running into billions of dollars. The agreement has been signed by one Mr. Jagathrakshakan,” a senior government source in Colombo told The Hindu, requesting anonymity. However, on Wednesday, Oman’s oil ministry denied being part of the project, Reuters reported, prompting a clarification from the BOI. The investor, Silver Park International, has conveyed to the Board of Investment their full confidence in implementing the project, the statement said.

Source: The Hindu March 21, 2019 18:56 UTC