Lankapage Logo Recent Top Stories
CP 12 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lankan government to pay compensation for assets acquired under the expropriation bill
Wed, Nov 9, 2011, 11:00 am SL Time, ColomboPage News Desk, Sri Lanka.

Nov 09, Colombo: The proposed bill to revive underperforming and underutilized assets states that a committee would be appointed to decide on the compensation to be paid to the companies that would be acquired by the government under the legislation.

Sri Lankan Prime Minister D.M. Jayaratne Tuesday presented the "Revival of Under Performing and Underutilized Assets" to the parliament amidst strong objection from the opposition parties.

The bill reportedly states that the committee to be appointed by the Cabinet of Ministers would include the Chief Government Valuer and two others with broad knowledge on commercial valuations.

The payment of compensation has to be completed in six months and those who are displeased with the amount could file an appeal before the Court of Appeal.

According to the bill, the acquired assets are assigned to the Treasury and the Cabinet of Ministers would appoint a Competent Authority to oversee the acquired assets.

The opposition political parties have objected to the bill and it is to be debated in the parliament today.



ColomboPage - Recent 10 Stories
Sri Lanka to set up a joint operation center to combat drug trafficking
-- [1 hour and 54 minutes ago]
Court rejects bail to former LTTE leader-turned deputy minister Karuna Amman
-- [2 hours ago]
Former minister Tissa Attanayake granted bail
-- [2 hours ago]
Sri Lanka tile importers commend Finance Ministerís initiative to maintain duty, cess reduction
-- [5 hours ago]
Religious freedom has been ensured and strengthened in Sri Lanka - President
-- [6 hours ago]
Voices unheard in Parliament; Budget fails to see largest minority!
-- [7 hours ago]
Japanese Naval Ship arrives at the Port of Colombo
Sri Lanka ranked 103rd in Global Enabling Trade Index
World Bank to provide US$ 70 million to uplift Sri Lanka's plantations sector
Health Minister launches an inquiry into a prison doctor

Copyright © 2000, 2010 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.