The deal is expected to bring Sri Lanka more than $6 billion over five years, which would help Colombo tackle a growing debt crisis. The court threw out the case filed by opposition legislator Vasudeva Nanayakkara against cabinet ministers and others involved in the project including the Chinese company. Nanayakkara said letting the Chinese lease a 15,000-acre plot to develop an industrial zone near the Chinese-built port in Hambantota was an "unlawful decision". "The Supreme Court said there was no infringement as filed and dismissed the case," Anusha Perusinghe, Nanayakkara's lawyer told Reuters. After signing an agreement on the port deal in December, state-run China Merchants Port Holdings (0144.HK) had been expected to pay $1.12 billion for the stake.

Source: Sunday Times July 01, 2017 04:30 UTC