China Merchants Port withdraws from $392 million Colombo Port project
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Newswire and Hiru News report that China Merchants Port withdrew from a logistics hub proposal valued at US$392 million for the Port of Colombo. Ada Derana’s Sinhala service also reports the company’s exit from the project; Hiru News’ Sinhala and Tamil services report the same development.
Daily Mirror and Ada Derana report that the Sri Lanka Ports Authority plans to develop a logistics hub at Colombo Port using a public-private partnership model. The supplied reports give no further details on the proposed arrangement or its schedule.
The Sunday Times reports that the SLPA agreed to a US$21.9 million settlement linked to the project. The reports provided do not specify the settlement’s terms or explain how it relates to the SLPA’s new hub plan.
Written automatically by AI from the outlets’ own reports, and not reviewed by an editor. It can be wrong — the original report is the authority.
Earlier coverage
Reports on the same subject from the months before this story.
- Newswire · Chinese national arrested over alleged extortion racket targeting Colombo Port City investors
- Newswire · Chinese suspect in Port City extortion case wanted in China for multiple crimes – Police
- EconomyNext · Hospital, casino drop out of Sri Lanka Port City as $1.12bn secured
- The Sunday Times · China Merchants logistics hub project off; SLPA agrees to $21.9m settlement deal