Sri Lanka’s large chambers want expropriation bill deferred

Nov 08, 2011 (LBO) – Sri Lanka’s large business chambers have urged the state to defer a hastily drawn up law to expropriate three dozen business ventures which has drawn fire from many quarters. “Considering the likely negative impact of the proposed legislation and the wide spread negative publicity it has received, we urge the Government to defer this Bill until it is subjected to wider public and stakeholder discussion and debate,” business chambers said in a statement.

Earlier in the day, the draft bill was presented to parliament for the first time after getting a clearance from the Supreme Court that it was in accordance with Sri Lanka’s constitution.

Sri Lanka large business chambers earlier endorsed the bill, which even the island’s Marxist Janatha Vimukthi Peramuna opposed.

The full statement is reproduced below

Proposed Act to Revive Underperforming Enterprises and Underutilized Assets

We are made to understand that the intention of the above Act is to put into productive use underperforming entities and underutilized assets that are in some way connected to the State, although currently in private hands. We have consistently maintained that