Sri Lanka’s Citrus Leisure settles beach front claim for Rs80mn

EconomyNext – Citrus Leisure has paid another 80 million rupees to settle the dispute over its claim to a prime beach property on Sri Lanka’s east coast it had bought for 169 million rupees.

The payment raised the total paid by Passikudah Beach Resorts, a fully-owned subsidiary of Citrus Leisure, for the property to 249 million rupees, a stock exchange filing said.

Current market value of the property, according to a valuation by S. Sivaskantha, a valuer, is 317.5 million rupees, the statement said.

It said the Board of Directors of Citrus Leisure had "amicably settled" the dispute on which legal proceedings had been instituted in the District Court of Valachchenai.

Citrus Leisure had paid 169 million rupees for the prime 12-acre beachfront property in November 2011.

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