Bigger India
Kantale Sugar Factory Crisis: Indian Investors Take Govt. To Arbitration in Singapore
MG Sugars is a joint venture of the Sri Lanka Government (the Treasury holds 51 percent of shares), Shri Prabulingeshwar Sugars and Chemicals Ltd of Bangalore and SLI Development Pvt Ltd of Singapore.
The Kantale sugar factory’s Indian investors, whose bribery complaint led to the arrest last year of President Maithripala Sirisena’s Chief of Staff, have taken the Sri Lankan Government to arbitration in Singapore after it failed to transfer the lands and equipment necessary for the project to proceed.