Asia Capital sues Belluna Co Japan over unpaid dues

• US$ 6 mn due to be recovered
• Inland Revenue slams  US$ 3 mn penalty

In a new turn of events, Asia Capital Plc has gone to court seeking redress over the monies owed by the Belluna Co. Ltd. of Japan in relation to Galle Heritage Lanka (Pvt) Ltd., Marine Drive Hotels (Pvt) Ltd., and Miriandhoo Hotels (Pvt) Ltd.

Asia Capital Plc. Managing Director, Raju Radha said, there is a considerable debt outstanding for the monies due by Belluna Co Japan for professional services rendered two and a half years ago. However, concerns have been raised as Belluna Co Japan appears to be stalling in finalising the settlement, casting a shadow over its relationship with Asia Capital Plc and raising questions about its financial integrity. 

An amount of US$ 500,000 is due for professional services rendered though four hotel projects have been completed and handed over in time. 
“The delay in settling the dues by Belluna Japan is unacceptable and has tarnished the reputation of Asia Capital Plc,” said Radha.

“We expect our clients to uphold their financial commitments with the utmost diligence and transparency. As we are no longer partners, Belluna Co Japan has to settle a penalty of US$ 3 million imposed by the Inland Revenue Dept. for non-capitalisation of the investment brought in. This has resulted in decreasing the value of the shares which otherwise should be valued at around US$ 10 million,” he added.