Wednesday, November 25, 2020
Home News Reports DMK leader's company linked with largest ever FDI in Sri Lankan oil refinery project...

DMK leader’s company linked with largest ever FDI in Sri Lankan oil refinery project at USD 3.85 billion

Singapore's Silver Park International has DMK leader S Jagatrakshakan's wife, son, and daughter as directors, the firm is set to invest a record 1887 million USD in an oil refinery close to the strategic Chinese owned Hambantota port.

A Singapore based company has emerged as the largest investor in a Sri Lankan oil refinery project, with a record FDI of USD 3.85 billion USD. As per a report in The Hindu, the stakes in the company are held by family members of DMK leader and former union minister of state S Jagatrakshakan.

As per reports, Sri Lanka’s Board Of Investments has recently announced the record level investments in the Oil refinery project. In the announcement, Singapore based Silver Park International Pte Ltd, was announced as the highest investor.

As per reports, Sri Lanka’s deputy minister of international trade, Nalin Bandara, has recently announced that Silver Park International and Oman’s Ministry Of Oil and Gas will jointly develop the Oil Refinery. The FDI for the project is being cited as the highest ever in Sri Lanka.

The refinery is to be built over 237 hectares of land at a distance of 235 km from the country’s Chinese owned port, Hambantota.

In this, the Singapore firm, Silver Park International, will be reportedly putting 70% of the share capital, about 1887 million USD. The remaining amount of about 2000 million USD is to be raised as loan capital.

Silver Park International is reportedly owned by India’s Accord Group, a company established by Jagatrakshakan’s family.

However, the government of Oman has reportedly denied being a part of the deal, raising further questions about the FDI and the Singapore-based firm’s involvement in the project. Later, the Sri Lankan officials clarified that though the Government of Oman is yet to sign a deal with the Singapore firm, Oman Oil Company has registered their intention for a 30% stake and Silver Park International is confident of the implementation of the project.

As per a report in The Hindu, Silver Park International is registered with Singapore’s national regulator Accounting and Corporate Regulatory Authority (ACRA). Three of the company’s four directors have addresses in Chennai, India. The Three directors are Jagatrakshakan Sudeep Anand, Jagatrakshakan Sri Nisha, and Jagatrakshakan Anusuya.

They are respectively the son, daughter, and wife of DMK leader S Jagatrakshakan. Jagatrakshakan has also been announced as DMK’s Lok Sabha candidate for the Arakonam constituency. He was previously a minister of state for commerce and industry in the UPA-II government.

Jagatrakshakan or his family members have not issued any comments in this regard so far. It is notable here that in July 2016, Income Tax officials had conducted raids on multiple locations related to the former minister. Officials had stated that tax evasion amounting to about Rs 200 crores was suspected. For several days, almost 300 officials had raided residences, offices and other establishments owned by the former minister.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Allahabad HC upheld ‘conversion only for marriage invalid’ when a Muslim converted to Hinduism, does u-turn when a Hindu converted to Islam

The Allahabad HC had also ruled that SC had observed in several cases the right to choose a partner is an integral part of Fundamental rights

Far away from India, a Vedic ecosystem rises in Texas Gaushala

In January 2020, I shared the story of Abhinav Goswami, who decided to bring to America the gifts of ancient India

Pakistan Court, which granted custody of 13-year-old Christian girl to 44-year-old Azhar, exonerates abductor, says ‘no rape’: Shocking details

Earlier the Pakistan court had granted the custody of a 13-year-old girl Christian girl to her 44-year-old abductor Ali Azhar

Muzaffarnagar: Yogi govt demolishes illegal construction on 100 Bighas of forest dept land by Islamic preacher Pir Khushal Miyan

A letter written by Union Minister of State Dr Sanjeev Balyan to the DM ordered the authorities to get the land belonging to the forest department vacated at the earliest.

J-K admin makes public list of beneficiaries under ‘illegal’ Roshni Act, names of former PDP minister, Congress leader, Farooq Abdullah etc emerge: Details

The Jammu and Kashmir High Court had deemed the Roshni Act as illegal, directing the gvt to publish list of land beneficiaries on the official website

Grooming Jihad in Jharkhand: Rahim becomes Arjun, tells the Hindu woman to first convert to Islam if she wants them to get married

The latest case of Grooming Jihad (Love Jihad) has emerged from village Behera in the Hazaribagh district of Jharkhand.

Recently Popular

Anvay Naik suicide case for which Arnab Goswami was arrested: Letters exchanged, the closure report, and unanswered questions

On 4th of Nov, the country watched as Arnab Goswami was dragged out of his house by over 20 armed policemen for a closed 2018 suicide case

Fraud fact-checker accuses TrueIndology of lying, when caught, wants an HD-quality photo from 1904

Pratik Sinha's lies were exposed in an OpIndia report. After his shoddy 'fact-checking' was called out, he has now resorted to name calling and shifting goalposts.

German police barge into the house of anti-lockdown activist Dr Andreas Noack, arrest him during YouTube livestream: Watch video

Dr. Andreas Noack, was arrested by the German Police on Wednesday in what appears to be a gross violation of personal liberty.

Pratibha Patil is trending on Twitter and it is not what you think. Read details

Former President Pratibha Patil was trending on Twitter and it was not because of what people think.

Uttar Pradesh: Golu and Guddu kill driver Mushtaq with an axe for harassing their sister, surrender to police

The brothers, Golu and Guddu, reportedly reached the police station with a blood-stained axe and confessed to killing Mushtaq.

Actress Sana Khan who quit bollywood for Islam marries a Muslim cleric who was introduced to her by hatemonger Ajaz Khan

Sana Khan married the Muslim cleric in a small intimate ceremony in Surat. The newly married couple also cut a cake after the wedding.
- Advertisement -

Delhi Riots case: Court says enough material on record to proceed against Umar Khalid, Sharjeel Imam and Faizan Khan for offences under UAPA

All the three accused Umar Khalid, Sharjeel Imam and Faizan Khan were arrested for their alleged role in the anti-Hindu Delhi riots case.

Airport in Ayodhya to be named Maryada Purushottam Sri Ram Airport, Yogi gives assent

Yogi Adityanath has cleared a proposal to rename the Ayodhya Airport to Maryada Purushottam Sri Ram Airport, Ayodhya.

Karnataka High Court dismisses murder convict’s defence, says refusal to marriage cannot be accepted as ‘sudden provocation’ for committing murder

The Karnataka High Court noted that agreeing to the defence that 'grave and sudden' provocation led the accuse to murder the victim will rob the woman of her choice and dignity

Haryana Health Minister Anil Vij becomes first to get trial dose of India-made COVID vaccine

Haryana Health Minister Anil Vij was administered a trial dose of India made Covaxin at a hospital in Ambala on November 20

Habitual offender Rehana Fathima given last warning by Kerala High Court after violating bail condition in ‘Gomatha’ cookery video

In the cookery video titled Gomatha Ularthu, Fathima kept referring to the meat as Gomatha. The High Court let her go giving her last opportunity to 'improve'.

Uttar Pradesh: Shahid once again elopes with minor girl belonging to other community after securing bail; family demands strict action

Shahid had lured the same girl away in March as well after which he was jailed but sections of POCSO were not invoked.

Anti-Conversion law: Yogi government approves ordinance against unlawful religious conversions, violations to attract up to 10 years in jail

The anti-conversion ordinance passed by Uttar Pradesh govt also has provisions for 10 years’ jail for mass conversion

Allahabad HC upheld ‘conversion only for marriage invalid’ when a Muslim converted to Hinduism, does u-turn when a Hindu converted to Islam

The Allahabad HC had also ruled that SC had observed in several cases the right to choose a partner is an integral part of Fundamental rights

HuffPost India shuts shop days after public notice asking for lowering down FDI in digital media

HuffPost India is shutting down its operations from the 24th of November, an announcement on its website read.

A couple tries to self-immolate outside Odisha assembly, alleges police inaction in their child’s murder case as suspect belongs to ruling BJD

The couple alleged that neither the police nor the administration helped them as the suspect was close to the the ruling Biju Janata Dal (BJD) minister Arun Sahu. A case was registered by the police but no arrest was made.

Connect with us

245,563FansLike
488,574FollowersFollow
20,100SubscribersSubscribe