Apollo take over will bring enormous benefits

by Lalin Fernandopulle

The BOI law should prevail in line with the objectives of the government in giving concessions and other facilities to companies governed by the BOI, Investment Promotion and Enterprise Development Minister Rohitha Bogollagama said.

Referring to the Apollo Hospital take over by business tycoon Harry Jayawardena the Minister said any BOI company or investor will be governed by the BOI Law. BOI regulations have to be understood and followed. An investor who goes against specifications will have to face the consequences of losing BOI status.

There cannot be changes to the parameters by an investor according to his wish. If changes are to be made BOI approval is necessary to do so, Bogollagama said.

Minister Bogollagama said as in the case of any foreign investor the government invited the Indian Apollo Hospital Enterprise Ltd.(AHEL) and granted special incentives under the Board. The AHEL had informed him that the management was forced to give up its stake against BOI regulations.

It is now up to the BOI to look into the change of character and the original concessions granted to the AHEL and take speedy action. The company that is taking over will have to settle the value of the seven-acre land in Colombo where the hospital is built, the Minister said.

The government is fully committed to promote local and foreign investments and safeguard their interest in line with the regulations of the BOI. It will not tolerate obstacles against investments. There is a good inflow of investment to the country inspite of the situation in the country. We have to build investor confidence by assuring them prospects, he said.

Sources said the hospital was not making profits due to the big-wigs earning from it. There was a moral issue in the nursing community which dampens the prestige of the hospital. Thus owing to mismanagement the hospital was in a crisis situation.

Senior Product Manager, Sri Lanka Insurance, Aminda Udithathilake said Harry Jayawardene taking over the Apollo Hospital is of immense benefit to the corporate sector and the country at large. The insurance industry too will gain a lot.

When we consider the top 10 companies in the country including DCsL they are managed by Harry Jayawardena. All his companies are doing well and whatever company he takes over afresh will be successful.

The Apollo Hospital will turn out to be better profit making organisation than what it is now. It will be an organisation that will bring enormous benefits to the people.