Ceylon Finance Today: Corruption under the previous regime was on a continuous basis, thereby having a negative impact on foreign direct investments (FDI), a hotel investor told Ceylon FT.
The source, speaking on this subject said that one of his business partners, a Maldivian, wanted to invest in a hotel down D. R. Wijewardene Mawatha Colombo, after the war ended.
The investment figures he was looking at ranged from between US$ 100-120 million.
Then the need to pay graft came into the picture. The investor didn't mind paying that, provided it was a 'once and for all' payment, said the source.
However, it didn't take that form.
As a result this, the Maldivian closed shop and went home, he said.
The source further said that another drawback in the development of the leisure industry was the plethora of approvals that were required.
The source, speaking on this subject said that one of his business partners, a Maldivian, wanted to invest in a hotel down D. R. Wijewardene Mawatha Colombo, after the war ended.
The investment figures he was looking at ranged from between US$ 100-120 million.
Then the need to pay graft came into the picture. The investor didn't mind paying that, provided it was a 'once and for all' payment, said the source.
However, it didn't take that form.
As a result this, the Maldivian closed shop and went home, he said.
The source further said that another drawback in the development of the leisure industry was the plethora of approvals that were required.
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