CIABOC Investigates Questionable Colombo 7 Land Deal Linked to Rs. 940 Million Sale

The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) has launched an investigation into a questionable land deal in Colombo 7 that eventually led to the construction of an apartment complex with Cabinet approval under a previous government.

The Sunday Times learns that two individuals had obtained a bank loan of Rs. 154 million to purchase the land. However, investigations by CIABOC have revealed that the two individuals did not have the financial capacity to make such a purchase.

After they failed to repay the loan, the bank auctioned the land. According to investigators, it was subsequently purchased by a politically connected individual who had formed a company. The two individuals who had initially purchased the land told investigators that they had merely signed the relevant documents.

The land was later sold to another company for Rs. 940 million, after which an apartment complex was constructed on the site.

A senior CIABOC officer said the commission has obtained a list of the apartment complex’s current occupants.

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