Port and Infrastructure Projects
Sri Lanka has scrapped a US$280 million Colombo Port project led by China Merchants Port due to procedural irregularities. The project involved exclusive rights granted to Chinese-led ventures for 50 years over port land.
Turns out "50 years of exclusive rights" is geopolitical speak for "we forgot to read the fine print until someone asked us what we signed." Nothing says "proper procedures" like scrapping a $280 million port deal mid-construction—it's like ordering a yacht, realizing you agreed to let the salesman live in your basement for half a century, then just... not paying.
#SriLanka scrapped a US$280m #ColomboPort project led by China Merchants Port, which reportedly granted the Chinese-led venture exclusive rights for 50 years. The deal involved 10 acres of #port land, with the minister stressing that proper procedures were not followed. #China