Thread by @nimilamalee

Investigative journalists know that every administration has its deal-makers. And one of the mysteries of the Yahapalana govt is the #Hambantota Silver Park project.

THREAD (1)

March 6, 2019: Cabinet approved Malik Samarawickrama’s memo to lease out 400 acres in Hambantota for a petroleum refinery as a joint venture between Silver Park International (Pvt) Ltd, Singapore, and the Ministry of Oil & Gas of Sultanate of Oman. (2)

It was said Accord and Omani Ministry signed the US$ 3.8bn deal to build a 200,000 barrel-per-day refinery in 44 months. Even Chinese investment into Port City stopped at US$ 1.4bn while China Merchants Port Holdings spent US$ 1.12bn to lease and manage the Hambantota port. (3)

The details were sketchy. And, on March 20, Oman’s Oil Ministry DENIED being part of the $3.85 billion plan, even after Sri Lanka announced its involvement. (4)
reuters.com/article/sri-la…

On March 21, Sri Lanka’s BOI admitted there was NO agreement with Oman’s Ministry of Oil and Gas. "However, we're aware that Oman Oil Company has registered their firm intention to participate in equity up to 30%, subject to reaching agreement between the parties”. (5)

March 22: @Meerasrini broke the story that stakes in the deal’s Singapore-based company were held by a family member of former Union Minister of State, the DMK’s S Jagathrakshakan. (6)
thehindu.com/news/national/…

March 24: We @timesonline published our own investigation. We found that the son of the controversial DMK politician was a director in, not one, but TWO companies incorporated in Sri Lanka. (7)
sundaytimes.lk/190324/news/hu…

The initial shareholders of Silver Park International (Pvt) Ltd, set up in September 2018, were Sundeep Anand (son) and his wife Sri Nisha. A third shareholder was a 39-year-old man with no public profile from Ward 02 Mulliyavalai in Mullaitivu named Kunasingham Jasoharan. (8)

Separately, Silver Park Petroleum (Pvt) Ltd was incorporated in Sri Lanka on February 21, 2019, just SIX days after Samarawickrama's Cabinet paper. Directors were Sundeep Anand, Sri Nisha, Mullaitivu resident Kunasingham Jasoharan and an engineer, TAG Gunasekera. (9)

There were no Omanis or reps of any Omani parties in either company. (10)

A Cabinet paper we obtained said the BOI received the original investment as far back as November 10, 2016. But information online showed Silver Park International (Pte) Ltd was incorporated on June 15, 2017, in Singapore. (11)

This was several months AFTER that first investment proposal was submitted to the BOI in Sri Lanka. (12)

Silver Park was registered to 18, Roberts Lane, #03-01 Goodland Building, Singapore (218297) —the main address Sigma Corporate Solutions whose business was setting up companies. (13)

Its website said it specialised in ten major jurisdictions: British Virgin Islands, Cayman Island, Samoa, Seychelles, Hong Kong, Singapore, Anguilla, Bahamas, Delaware and Mauritius. (14)

Click tweet number 14 to get the rest. It ends after 28.

Public information showed that Jegathrakshagan Sundeep Anand was registered with the Indian Ministry of Corporate Affairs as a director of at least 19 companies. It wasn’t immediately clear a new entity in Singapore was needed to channel their investment into Sri Lanka. (15)

One of the Sri Lankan addresses of Jagathrakshakan and his wife was 143B, Messenger Street, Colombo-12. We found it to be a shop called Bath Galaxy that sold tiles, sanitary ware, aluminium doors and bathroom accessories. It had no Omani or Indian partners. (16)

The other address listed in the Silver Park Petroleum incorporation papers is 50, Allium Tower, 4/3 Suwisuddharama Road, Colombo 6, Thimbirigasyaya. The flat was rented by a party but had no inhabitants at the time the story was published. (17)

The Indian address of the couple was 1, 1st Main Road, Kasturibai Nagar, Adyar, Chennai 600020, Tamil Nadu. This is where the Bharath Institute of Higher Education and Research, started by Mr Jagathrakshan, is located. (18)

Samarawickrama told Cabinet it's our largest FDI to date. Even before Oman had agreed, he claimed: “The investment is from a Singapore registered company and the Ministry of Oil and Gas of the Sultanate of Oman is one of the equity participants with 30% equity.” (19)