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The Investor Sentiment - Equity and investments forum for Sri Lankans

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» CIFC Dumps to Expand Your Possibilities to Pass Your Exam
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyFri Jul 19, 2024 10:30 am by faithhharris

» CCS.N0000 ( Ceylon Cold Stores)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyWed Mar 20, 2024 11:31 am by Hawk Eye

» Sri Lanka plans to allow tourists from August, no mandatory quarantine
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyWed Sep 13, 2023 12:16 pm by lauryfriese

» When Will It Be Safe To Invest In The Stock Market Again?
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyWed Apr 19, 2023 6:41 am by කිත්සිරි ද සිල්වා

» Dividend Announcements
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyWed Apr 12, 2023 5:41 pm by කිත්සිරි ද සිල්වා

» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyThu Apr 06, 2023 3:18 pm by කිත්සිරි ද සිල්වා

» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්‍රතික්ෂේප කළ ගණිතඥයා
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptySun Apr 02, 2023 7:28 am by කිත්සිරි ද සිල්වා

» SEYB.N0000 (Seylan Bank PLC)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyThu Mar 30, 2023 9:25 am by yellow knife

» Here's what blind prophet Baba Vanga predicted for 2016 and beyond: It's not good
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyThu Mar 30, 2023 9:25 am by HaeroMaero

» The Korean Way !
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyWed Mar 29, 2023 7:09 am by කිත්සිරි ද සිල්වා

» In the Meantime Within Our Shores!
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyMon Mar 27, 2023 5:51 pm by කිත්සිරි ද සිල්වා

» What is Known as Dementia?
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyFri Mar 24, 2023 10:09 am by කිත්සිරි ද සිල්වා

» SRI LANKA TELECOM PLC (SLTL.N0000)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyMon Mar 20, 2023 5:18 pm by කිත්සිරි ද සිල්වා

» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyMon Mar 20, 2023 5:10 pm by කිත්සිරි ද සිල්වා

» Equinox ( වසන්ත විෂුවය ) !
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyMon Mar 20, 2023 4:28 pm by කිත්සිරි ද සිල්වා

» COMB.N0000 (Commercial Bank of Ceylon PLC)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptySun Mar 19, 2023 4:11 pm by කිත්සිරි ද සිල්වා

» REXP.N0000 (Richard Pieris Exports PLC)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptySun Mar 19, 2023 4:02 pm by කිත්සිරි ද සිල්වා

» RICH.N0000 (Richard Pieris and Company PLC)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptySun Mar 19, 2023 3:53 pm by කිත්සිරි ද සිල්වා

» Do You Have Computer Vision Syndrome?
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptySat Mar 18, 2023 7:36 am by කිත්සිරි ද සිල්වා

» LAXAPANA BATTERIES PLC (LITE.N0000)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyThu Mar 16, 2023 11:23 am by කිත්සිරි ද සිල්වා

» What a Bank Run ?
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyWed Mar 15, 2023 5:33 pm by කිත්සිරි ද සිල්වා

» 104 Technical trading experiments by HUNTER
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyWed Mar 15, 2023 4:27 pm by katesmith1304

» GLAS.N0000 (Piramal Glass Ceylon PLC)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyWed Mar 15, 2023 7:45 am by කිත්සිරි ද සිල්වා

» Cboe Volatility Index
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyTue Mar 14, 2023 5:32 pm by කිත්සිරි ද සිල්වා

» AHPL.N0000
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptySun Mar 12, 2023 4:46 pm by කිත්සිරි ද සිල්වා

» TJL.N0000 (Tee Jey Lanka PLC.)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptySun Mar 12, 2023 4:43 pm by කිත්සිරි ද සිල්වා

» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptySun Mar 12, 2023 4:41 pm by කිත්සිරි ද සිල්වා

» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyFri Mar 10, 2023 4:43 pm by yellow knife

» Bitcoin and Cryptocurrency
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyFri Mar 10, 2023 1:47 pm by කිත්සිරි ද සිල්වා

» CSD.N0000 (Seylan Developments PLC)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyFri Mar 10, 2023 10:38 am by yellow knife

» PLC.N0000 (People's Leasing and Finance PLC)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyThu Mar 09, 2023 8:02 am by කිත්සිරි ද සිල්වා

» Bakery Products ?
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyWed Mar 08, 2023 5:30 pm by කිත්සිරි ද සිල්වා

» NTB.N0000 (Nations Trust Bank PLC)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptySun Mar 05, 2023 7:24 am by කිත්සිරි ද සිල්වා

» Going South
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptySat Mar 04, 2023 10:47 am by කිත්සිරි ද සිල්වා

» When Seagulls Follow the Trawler
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyThu Mar 02, 2023 10:22 am by කිත්සිරි ද සිල්වා

» Re-activating
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptySat Feb 25, 2023 5:12 pm by කිත්සිරි ද සිල්වා

» අපි තමයි හොඳටම කරේ !
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyTue Feb 14, 2023 3:54 pm by ruwan326

» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyTue Jan 03, 2023 6:43 pm by ruwan326

» SAMP.N0000 (Sampath Bank PLC)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyWed Nov 30, 2022 8:24 am by කිත්සිරි ද සිල්වා

» APLA.N0000 (ACL Plastics PLC)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyFri Nov 18, 2022 7:49 am by කිත්සිරි ද සිල්වා

» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyWed Nov 16, 2022 9:28 pm by කිත්සිරි ද සිල්වා

» Banks, Finance & Insurance Sector Chart
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyTue Nov 15, 2022 5:26 pm by කිත්සිරි ද සිල්වා

» VPEL.N0000 (Vallibel Power Erathna PLC)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptySun Nov 13, 2022 12:15 pm by කිත්සිරි ද සිල්වා

» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyMon Nov 07, 2022 6:36 pm by කිත්සිරි ද සිල්වා

» WATA - Watawala
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptySat Nov 05, 2022 8:44 am by කිත්සිරි ද සිල්වා

» KFP.N0000(Keels Food Products PLC)
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptySat Nov 05, 2022 8:42 am by කිත්සිරි ද සිල්වා

» Capital Trust Broker in difficulty?
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyFri Oct 21, 2022 5:25 pm by කිත්සිරි ද සිල්වා

» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyThu Oct 20, 2022 10:13 am by කිත්සිරි ද සිල්වා

» What Industry Would You Choose to Focus?
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyTue Oct 11, 2022 6:39 pm by කිත්සිරි ද සිල්වා

» Should I Stick Around, or Should I Follow Others' Lead?
Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal EmptyTue Oct 11, 2022 9:07 am by කිත්සිරි ද සිල්වා

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    Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal

    Ethical Trader
    Ethical Trader
    Ethical Trader
    Top contributor
    Top contributor


    Posts : 5568
    Join date : 2014-02-28
    • Post n°1

    Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal Empty Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal

    Post by Ethical Trader Sun Dec 28, 2014 4:37 pm

    Chinese contractor pockets Rs. 410 mln from low standard Colombo Port Terminal
    Sunday Times

    Sri Lanka’s Colombo South Container Terminal (CSCT) has been completed by a Chinese contractor without following the quality standards of construction stipulated in the contract, according to a revelation made by the consultancy company.

    Hong Kong based AECOM Consultancy Company has brought to the notice of Sri Lankan authorities that a sum of over Rs. 410 million had been cheated by the contractor – Colombo International Container Terminal Company (CICT)- using substandard material and deviating from the quality standards agreed upon by them, official sources revealed.

    CICT had entered into a Built, Operate and Transfer agreement with Sri Lanka Ports Authority (SLPA) to implement the project and hand it back to SLPA after 35 years. It was opened earlier this year.

    According to the agreement the CSCT should be sustained for 60 years after the completion of the construction work.

    The AECOM review report prepared by its resident engineer revealed that the sustenance period of quay wall, revetments and Fender chains should be around 60 years. However due to using substandard material, the period of sustenance has come down to not more than 35, 15 and 10 years, respectively.

    The use of temporary revetments instead of original revetments was a violation of the agreement, official sources said adding that the company has been able to reduce their own cost by Rs. 316.39 million by resorting to this practice.

    By using low quality Fender Chains, the company has saved Rs.102.22 million, official sources revealed. The Chinese company has pocketed out Rs.418.61 million only from these two segments of constructions.

    The South Container Terminal (SCT) Project was completed at a cost of US$500 million or Rs. 52 billion. The agreements to construct the CSCT of the Colombo Port Expansion Project were signed by the Sri Lanka Ports Authority, China Merchants Holding (International) Company Ltd, and CICT.
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