Mixed project agreement among James Packer, JKH and Dhammika cancelled

April, 30, 2014

The Sri Lanka Board of Investment (BoI) is preparing to cancel the three earlier agreements for the mixed development project involving James Packer, John Keells Holdings and Dhammika Perera and sign new agreements.

Investment Promotions Deputy Minister Faizer Mustapha told AdaderanaBiz that the BoI is preparing to sign fresh agreements over these three projects with the relevant parties while including only the concessions approved by parliament recently.

“The parliamentary approval for these mixed development projects is the biggest agreement. The BoI is entering into these new agreements with the relevant parties only while strengthening this further. The BoI has no authority to go beyond any concessions approved by parliament,” said Deputy Minister Mustapha.

The deputy minister stated these while responding to AdaderanaBiz when asked about certain Australian media reports that if these agreements do not include casinos it would be difficult to involve James Packer, while adding, “Since all other concessions are being provided I do not think it would be difficult to get James Packer involved.”

One among these mixed development projects has been proposed by The Lake Leisure Holdings while based on a huge investment of USD 350 million from 47 year old multi-billion dollar Australian businessman James Douglas Packer.

The Queensbury Leisure Limited headed by Dhammika Perera and John Keells Holdings subsidiary Waterfront Properties Pvt. Limited are to undertake the other mixed development projects.