Much-needed forex held up by bitter power play

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The Fisheries Ministry is not allowing the Walkers Colombo Shipyard to operate after the court had given leeway to do so, with top officials accusing the ministry of being vindictive.

They say the ministry with its spiteful attitudes is not allowing the shipyard to operate - build and repair yachts and leisure crafts, bringing in more foreign exchange into the country. “We have a large pipeline of work and a lot of inquiries. We have received inquiries to build yachts, boats, and leisure crafts. These projects will generate foreign currency. It is important for higher officials to understand the need for foreign exchange at this critical juncture,” Dr. Sarah Obeysekera, shareholder Walkers Colombo Shipyard told the Business Times.

The once abandoned land in Mutwal owned by the Ministry was taken over on lease by MTD Walkers some years ago, to start a shipyard. With the crippling financial troubles undergone by this parent company, the shipyard could not meet the monthly Rs. 500,000 lease payments. A few years later, the ministry resorted to increasing these payments to Rs. 1.7 million. Later, the Fisheries Ministry resorted to taking an injunction against the Shipyard from operating but after one and a half years, recently the MTD Walkers managed to squash this, allowing the shipyard to operate again.

However, in a move that is tantamount to contempt of court, the ministry has not allowed the shipyard to operate and has barred officials from entering the premises. A few weeks before the court order, the ministry had advertised to release the premises and is still entertaining interested parties, officials said.