Nov 07, 2011 (LBO) – A convention centre run by a Singapore-based firm in Sri Lanka’s capital Colombo has been listed for expropriation in a controversial bill which is targeting land in 37 companies. “The safety of foreign investment is guaranteed through the acceptance by two third majority of Parliament of the Constitutional Guarantee of Investment Protection Agreements,” the Board of Investmetn says in its website.
“Under article 157 of the country’s constitution, the agreement enjoys the force of law and no legislative, executive or administrative action can be taken to contravene the provisions of a bilateral investment agreement otherwise than in the interests of national security.”
The BOI says Sri Lanka has also signed bilateral investment protection agreements with several countries including, which provide protection “against nationalization.”
However Sri Lanka’s current administration has a two thirds majority and has already changed the constitution once.
The draft expropriation law also lists another firm, Suchir NEB Projects (Pvt) Ltd, connected to an Indian concern.
The draft law has drawn fire from Sri Lanka’s main opposition United National Party and even th