Friday, 5th March 2021

President accuses Chinese firm of misappropriating Rs. 2 bn from Lotus Tower funds

Colombo, Sep 17 (BAN/ AD): A day after opening South asia tallest tower President Sirisena today accused Chinese company of fraud of Rs 2 billion. He has said Chinese company in 2012 has misappropriated Rs. 2 billion from the funds for the Lotus Tower construction.

President was speaking at opening of Lotus tower has revealed that the construction of the controversial project commenced in 2012 with a loan of Rs. 16 billion from the China Exim Bank. However, the President said Rs. 2 billion had been paid to a Chinese company that had entered into the trilateral agreement with the lending agency and the government as an advance for this project and the company has gone missing and the money remains unaccounted.

The tower has costed USD 104.3 million which stands 350m tall was funded 80% by the Government of China. Addressing the gathering after the launch of the tower, the President said that the tower would be a boost in communication technology.

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