The Sri Lankan government last week seized ownership of the Hilton Colombo Hotel. The news was revealed by Sri Lanka’s Economic Development Minister Basil Rajapaksa in parliament on Wednesday. The Asian Tribune quoted Rajapaksa as saying; “The Hotel is now in the hands of the government. It does not belong to the Hilton Company anymore.” Press reports indicate that the owners had paid only two months of lease to the government since its inception. Directors of Hotel Developers (Lanka), owners of the Hilton Colombo,are under investigation by the Securities and Exchange Commission (SEC) for loss of capital and debt defaults. Outstanding debt owed to the government by Hotel Developers (Lanka) is estimated to be over INR11 arab while share capital of the company is worth just INR45.2 crore.
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