CHEC Port City Colombo (Pvt) Ltd in a media release stated it has no direct business relationship with any of the China Communications Construction Company’s subsidiary companies targeted by US sanctions, as stated by US Ambassador to Sri Lanka, Alaina B. Teplitz recently.
Excerpts of the release:
“CHEC Port City Colombo (Pvt) Ltd wishes to clarify its position regarding the remarks made by the US Ambassador to Sri Lanka, Alaina B. Teplitz, while addressing a group of journalists recently. She had said, “The United States does have one of the companies working on the Port City Development on our sanctions list so doing business with that company may not be something that’s advisable.” Neither CHEC Port City Colombo nor its parent company China Harbour Engineering Company (CHEC) and China Communications Construction Company (CCCC) are listed in the United States sanctions which were announced in August last year.
CHEC Port City Colombo wishes to reiterate that the company has no direct business relationship with any of the China Communications Construction Company’s subsidiary companies targeted by US sanctions. The subsidiaries which were included in the said US sanctions were a few companies involved in South China Sea reclamation work. The land reclamation work of Port City Colombo conducted by CHEC Port City Colombo (Pvt) Ltd is an entirely different subsidiary of CCCC. It is important to note that there were no US actions against the Project company’s parent company, CCCC at any point. CCCC is a Fortune 500 company currently ranking 78th.
It is our intention to bring clarity to Ambassador Alaina B. Teplitz’s misleading comments and provide an unbiased understanding of Port City Colombo. Investment friendly policies, efficient administrative systems coupled with the master planned city to be built on sustainable principles make Port City Colombo a compelling investment opportunity for any investor regardless of the nationality,” the release further added.