LNP – US Ambassador’s statement on Port City Colombo Developers is misleading
CHEC Port City Colombo (Pvt) Ltd wishes to clarify its position regarding the remarks made by the US Ambassador to Sri Lanka, Alaina B. Teplitz, while addressing a group of journalists on 29th July 2021.
Wherein she stated that (quote) “the United States does have one of the companies working on the Port City Development on our sanctions list so doing business with that company may not be something that’s advisable.” (unquote)
Neither CHEC Port City Colombo nor its parent company China Harbour Engineering Company (CHEC) and China Communications Construction Company (CCCC) are listed in the United States sanctions which were announced in August 2020. As clearly announced back in August 2020, CHEC Port City Colombo wishes to reiterate that the company has no direct business relationship with any of the China Communications Construction Company’s subsidiary companies targeted by US sanctions. The subsidiaries which were included in the said US sanctions were a few companies involved in South China Sea reclamation work. The land reclamation work of Port City Colombo conducted by CHEC Port City Colombo (Pvt) Ltd is an entirely different subsidiary of CCCC. Furthermore, it is important to note that there were no US actions against the Project company’s parent company, CCCC at any point. CCCC is a Fortune 500 company currently ranking 78th.
Land reclamation work for Port City Colombo was completed back in January 2019. Construction of state-of-the-art internal infrastructure is currently being carried out and 20 land plots are now ready for vertical construction.
It is our intent to bring clarity to Ambassador Alaina B. Teplitz’s misleading comments and provide with an unbiased understanding of Port City Colombo.
Investment friendly policies, efficient administrative systems coupled with the master planned city to be built on sustainable principles make Port City Colombo a compelling investment opportunity for any investor regardless of the nationality.