Business

99-year lease of Hambantota port to China ‘a mistake’, says President

Newly elected President of Sri Lanka intends to renegotiate lease and produce better deal with China.

Published

7 years ago

November 27, 2019

Admin

The 99-year lease of Hambantota port to China, a development signed during the previous government, is “a mistake”, according to the newly elected 7th Executive President of Sri Lanka.

Gotabaya Rajapaksa is the winner of the 2019 Presidential Election and was sworn in as the 7th Executive President of Sri Lanka on 18 November at Anuradhapura.

He was giving an interview to local publications BharatShakti.in and Strategic News International Journal during an earlier date when he said the arrangement will have to be renegotiated.

“And even though China is a good friend of ours and we need their assistance to develop, I’m not afraid to say that was a mistake. I will request them to renegotiate and come with a better (deal) to assist us,” explained Rajapaksa.

“Today the people are not happy on that deal, we can think of one year, two years, five years, we have to think of the future, what will happen? So giving a small land for investment is a different thing.

“To develop a hotel or a commercial property is not a problem, that’s not an issue. The strategically important, economically important harbour, giving that is not acceptable.

“That we should have control. We have to renegotiate. Giving a terminal for an operation is a different thing, giving some location to build a hotel is different, not the control over a very important place, it is not acceptable. So that is my position.”

Under the previous government, Sinopec Group in early November confirmed plans to invest in bunkering operations at Hambantota by incorporating a company in Sri Lanka named Sinopec Fuel Oil Lanka (Private) Ltd.; the firms has made an application for a bunkering license to carry out operation at the port in Q4 2019.

Meanwhile, an affiliate company to Singapore-based petroleum and coal trading company Sugih Energy International Pte Ltd has proposed the construction of a 420,000 barrels/day capacity petroleum refinery to transform Hambantota port into a bunkering location.

“And we want to work with China as well. Diplomatic relations and economic relations are everywhere. India is working closely with China. I know Indian investment goes to China, Chinese investment comes to India. Like that, we want investments and help but we will not do anything, we don’t want to get involved in military and geopolitical rivalry,” Rajapaksa adds.

“The other thing that I want to tell the world powers like India, Singapore, Japan, Australia, you know, the reality is they are scared of Chinese involvement, that’s a reality. But in our point of view it is commercial. We are a small country and we want foreign investment to improve our economy.

“So I invite India, Singapore, Japan and Australia to come and invest here. Don’t allow only China to invest. These governments must encourage their private companies to come and invest, come and help us. Without leaving it to one country and then grumbling.”

Photo credit: Presidential Secretariat of Sri Lanka
Published: 27 November, 2019

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

11 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

12 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

12 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026