⚠️ Regulatory Hurdle Threatens $ 12.75 Mn FDI Cable Car Project

Amber Adventures Ltd. has warned the Board of Investment (BOI) that its cable car project at Ambuluwawa is at risk due to "arbitrary" regulatory interference. • Investment Status: Out of a total approved FDI of US$ 12.75 Mn, approximately US$ 3.5 Mn has already been deployed. The investment was notably secured in 2022 during the height of Sri Lanka's economic crisis. • Regulatory Conflict: The Central Environmental Authority (CEA) suspended development on 9 January 2026, citing social media posts and unreported complaints. The company alleges this lacks legal basis, as the project holds approvals from over 12 state agencies, including the UDA, NBRO, and SLTDA. • Project Impact: • Structured as a Public-Private Partnership (PPP) under a Build-Operate-Transfer (BOT) model. • Total asset value exceeding Rs. 5 Bn to be transferred to the State free of charge after 13 years. • No financial risk to the government; all risks borne by the investor. • Technical & Legal Stand: The company denies environmental damage, noting that NBRO confirmed site stability post-Cyclone Ditwah. A 2024 Court of Appeal ruling previously found local obstruction to be "mala fide." • Outlook: Amber Adventures is currently evaluating legal avenues for investment recovery and restitution of damages, warning that such "harassment" undermines national investor protection and regulatory certainty. Based on official company statements.