Business Times

Hilton battle not over yet

Be ready for another long-drawn court battle over the Hilton Colombo with its promotor- businessman Cornel Perera planning to contest the recent announcement by the government that it has taken over the property from the owning company, Hotel Developers Ltd (HDL).

He is planning to file action and seek an enjoining order against the recent take-over. “The government has no right legally to take over the property as there are a number of cases pertaining to the issue and it’s a violation of a court order,” said Mr Perera, adding that now that the foreign loan has been paid in full, “my 56.4 % shares in HDL should be returned to me by the government.”

The government took possession of the property some two weeks back which was expected to end a long drawn saga involving Mr Perera, HDL, the government and Nihal Sri Ameresekere who has filed cases against the company. “They can’t take over the property based on half-baked information,” a furious Mr Perera said this week. “There is clear provision in the share transfer agreement (where Cornel’s shares were transferred as collateral for the government loan) which says that the moment the loan is repaid, the shares should be returned to me. The first part has happened (full loan to the Japanese has been repaid).”

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
Legal cloud over Golden Key directors returning to ‘work’
Tax reforms from April 1, taxing public servants after 33 years
Softlogic Group to rebrand Hotel Ceysands
Lankan oil hedging dispute goes to London
Hilton battle not over yet
World Cup: Did Sri Lanka’s image improve?
Comment - Gearing for the new taxes
Feature - Trial hears Rajaratnam brothers curse on phone tap
Feature - Removal of microcredit bank leader Prof Muhammed Yunus bodes ill for the poor
More convention centres to come up in Sri Lanka
British Deputy High Commissioner meets Colombo university students
‘Gender should not be a Business Issue’ - Corporate leader says
Most members are senior managers - New CIM SL Chairperson
Brandix expands into bras
Gajendran on new taxes at STBC meeting
Initial capital of Rs 3 bln to settle Golden Key depositors
Economic and North East growth adds up to insurance gains : RAM
Chevron revenue up 9%, net profit same YoY
Ideal Motors-AA tie up to transfer latest automobile technology to rural youth
Open University to enhance English Literature teaching skills
National Chamber praises Norochcholai coal power plant launch
Unilever hosts first annual Supply Chain Business Partner event
Ceymed opens lab in Jaffna
Pyxle handles reservation, booking system for Hotel Renuka
JAAF’s regional awareness campaign and recruitment drive applauded
Unique clay-based cookware from the ITI soon in the market
Need for conducive legal atmosphere for foreign investors
Overseas Realty to start Havelock City’s Phase - 3 next year
Standard Credit Lanka Ltd merges with Entrust
Clarification - ‘Delay in new Japanese vehicle imports’
SEC still hunting perpetrators
World Cup: Authorities miss golden opportunity to promote Sri Lanka
IPM Sri Lanka felicitates its Past Presidents
Central Bank rescues three crisis hit finance companies
Poverty levels fall in plantation sector
Feature - Contributing to Sri Lanka's development
ICASL, ICAEW discuss developing chartered accountancy relationships
Colombo Dockyard delivers Platform/ROV Support Vessel Greatship Rashi
Aitken Spence resorts expands in Sri Lanka and the Maldives
Seylan’s online Rs 600 mln VRS scores a first-ever hit
Harry J’s control of Pelwatte Sugar main feature this week
SriLankan Airlines can brand Sri Lanka : Branding guru Martin Roll
SLIM aims at greater heights in 2011
Letter - Hedging: German court sends a strong message
Unfair and negative reporting by western media affects many tourism markets
Cabraal meets World Bank MD

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution