ANOTHER FOREIGN COMPANY PULLS OUT

AS INVESTOR CONFIDENCE TAKES A HIT

- By SHEAIN FERNANDOPULLE

In what appeared to be a fresh blow to the country's investor confidence, China-based Amber Adventures (Private) Limited - the country’s first cable car venture - has officially pulled out of the Ambuluwawa Cable Car Project, citing what it called 'regulatory obstruction and arbitrary state action'.

The company informed the Board of Investment (BOI) in writing yesterday (13) that it decided to withdraw from the project due to what is termed arbitrary and unlawful actions by state authorities including the suspension of construction by the Central Environmental Authority (CEA) based on complaints circulating on social media, despite clearance from technical agencies.