Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to

Leading News from Sri Lanka::

* Sri Lanka to repeal Expropriation Act passed during previous regime
Sun, Apr 14, 2019, 10:25 am SL Time, ColomboPage News Desk, Sri Lanka.

Apr 14, Colombo: Sri Lanka is considering to repeal the Expropriation Act passed during previous regime which allows the government to takeover private enterprises not performing up to government's expectations.

The Revival of Underperforming Enterprises or Underutilized Assets Act, No.43 of 2011 has been enacted in 2011 to vest the Underperforming Enterprises or Underutilized Assets with the Government and making provisions for their proper management, administration or revival and for the payment of relevant compensation.

The Act, which had come under criticism from credit agencies and leading business chambers, allows the government to appoint a competent authority which will control, administer and manage the enterprise or asset to ensure its revival by restructuring or entering into a management contract.

However, since the Act has done much damage creating a sense of uncertainty in the minds of the investors of private capital and affects adversely on the country's ease of doing business, a proposal has been made to repeal the said Act by the Budget speech 2018.

The cabinet at its last week meeting granted approval to the proposal made by Lakshman Kiriella, the Minister of Public Enterprise, Kandyan Heritage and Kandy Development, to present the draft Bill prepared to repeal the Expropriation Act, in Parliament for approval.


ColomboPage - Recent 10 Stories ::
Minister orders special investigation into the fire at Kalamatiya Fisheries Harbor
-- [1 hour and 16 minutes ago]
World Bank approves $ 310 mn loan for Sri Lanka to strengthen its climate resilience
-- [2 hours ago]
People's Bank will not be privatized - Minister of Finance Mangala Samaraweera
-- [3 hours ago]
Sri Lanka's former President Chandrika Kumaratunga awarded 2019 Common Ground Award
-- [4 hours ago]
Amnesty International expresses shock over Sri Lanka President's signing death warrants of convicted prisoners
-- [5 hours ago]
Sri Lanka to make railways an essential service
-- [6 hours ago]
Brandix, Fonterra & JKH launch FastTrack Summer Internship Programme to inspire young talent
-- [6 hours ago]
Sri Lanka President says he signed death warrants for four convicted drug traffickers
-- [7 hours ago]
Racist allegations force charity in Sri Lanka to suspend providing food for poor
-- [7 hours ago]
Agreement with Hungary to obtain Euro 52 mn financial assitance to build flyovers at Kohuwela and Getambe
-- [8 hours ago]

Copyright © 2000, 2016 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, 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, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.