Parliament’s Committee on Public Finance has questioned how authorities monitor foreign nationals who received visas on the recommendation of the Colombo Port City Economic Commission, according to a parliamentary statement issued on 15 October.
About 14,300 such visas have been issued, the committee was told at a meeting on 8 October chaired by MP Dr. Harsha de Silva. Members asked what mechanisms exist to track the activities of visa holders and how the real owners of investing companies are identified, to guard against money laundering and terrorist financing.
Commission officials said nine land plots valued at about US$1.12 billion have been leased, and plans are under way to lease another six plots worth US$1 billion. Four state-owned plots are being prepared for the market. The land is leased for 99 years at an average of US$3,000 per square metre.
Members also asked whether approved businesses have started operating and whether the expected investment and jobs have materialised. Some raised the protection of deposits paid by buyers of condominium units, and whether escrow accounts ensure the money is used only for the relevant projects.
Deputy Ministers Chathuranga Abeysinghe and Nishantha Jayaweera and several government and opposition MPs attended the meeting.
