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The Singaporean Company has a green light to invest in Timor Leste Featured

DILI – The Singaporean company has got the green light from the government of Timor - Leste to invest in Tasi Tolu after its investment plan has been pending for several years.

The Government granted to Pelican Paradise Holdings Timor-Leste the surface rights on a land in Tasi Tolu for the development of an investment project. This international company, headquartered in Singapore, will build and explore a five-star hotel complex, with an investment of approximately US$310 million.

This investment will cause hundreds of residenst in Tasi Tolu to lose their homes and until now they are still confused about where to live.

Meanwhile, the Timor – Leste Council of Ministers, at its meeting on 1st March 2018 has approved the proposal presented by Trade Invest Timor-Leste, I.P. of the Special Investment Agreement between the Timorese Government and the company Pelican Paradise Group Limited, under the Private Investment Law in force, approved through Law No. 17/2011 of September 28th, defining a special legal regime for the revised investment project, whose total value will be approximately three hundred and ten million US dollars ($ 310.000.000,00).

“The scale of the investment project and the national importance of its economic, social and technological impact are among the justifiable grounds expressly presented for the proposal of the Special Investment Agreement,” said the government.

According to the draft agreement submitted, the State of Timor-Leste undertakes to grant the right to use to the area previously approved in the Master Plan, as well as to grant tax benefits and customs incentives to the Investor for the development of a project for the construction of a tourist complex in Tasi Tolu / Tibar which will enable the creation of approximately 1,500 jobs, during the construction stage and 1300 permanent jobs. The agreement should be signed as soon as some technical aspects are reviewed to create the necessary conditions for the successful implementation of the project.

La’o Hamutuk reported that, in September 2009, the Minister of Finance received a proposal from "Asian Champ Investment Ltd," (ACI) a company represented by Datuk Edward Ong, the principal behind Pelican Paradise's proposed "five-star hotel" project in Tasi Tolu. ACI asked the Minister to deposit $1.2 billion in cash from the Petroleum Fund in their "blocked" account at Hong Kong & Shanghai Banking Corporation (HSBC). They said they would pay 7.5% interest in advance and return the money in a year. ACI told the Minister to make a decision within 15 days, and she asked the Investment Advisory Board (IAB) for advice. In a memo, which was released a year later, the IAB recommended against ACI's proposal, urging that normal investment processes be followed, which do not include investments in cash. (Tempo Timor

 

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Last modified on Thursday, 08 March 2018 09:54
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