Sri Lanka’s Parliamentary Committee on Public Finance has raised concerns over the monitoring of foreign nationals after it was revealed that approximately 14,300 visas had been issued on the recommendation of the Colombo Port City Economic Commission.
The matter was discussed during a committee meeting held on Oct. 8 under the chairmanship of MP Dr. Harsha de Silva, according to a parliamentary statement issued on Oct. 15.
Committee members examined the practical feasibility of monitoring the activities of foreign nationals who had obtained visas through recommendations made by the Port City Commission.
The discussions focused on the issuance of visa recommendations for foreign workers and the mechanisms available to monitor their activities within the country.
The committee also emphasized the importance of strengthening regulatory measures to prevent illegal activities within Colombo Port City and safeguard Sri Lanka’s international reputation.
Meanwhile, members questioned the mechanisms used to identify the beneficial owners of companies investing in Port City, ensure transparency in foreign investments and prevent money laundering and terrorist financing.
The committee also reviewed the progress of investment projects within Colombo Port City.
Officials revealed that nine land plots valued at approximately US$1.12 billion had already been leased, while plans were underway to lease another six plots worth US$1 billion.
The Commission also informed the committee that four government-owned land plots were being prepared for the market.
According to officials, the land had been leased for 99 years at an average value of US$3,000 per square metre.
The committee further examined whether businesses approved to operate within Port City had commenced operations and whether the expected foreign investments and employment opportunities had materialized.
Concerns were also raised regarding the protection of deposits paid by investors purchasing condominium units, particularly the use of escrow accounts to ensure that funds were used exclusively for the relevant development projects.
The discussions were attended by Deputy Ministers Chathuranga Abeysinghe and Nishantha Jayawera, along with several government and opposition MPs. (Newswire)
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