Lanka Business Online

Sri Lanka business chambers endorse expropriation bill

Oct 05, 2011 (LBO) – Sri Lanka’s large business chambers have tacitly endorsed a draft law to expropriate assets of several businesses on a promise that it will never be done again, according to a statement. The business chambers said they have been assured that it will be a “one off bill” and the expropriated assets of some of their fellow men would be given back to the “private sector”, following a meeting with Sri Lanka’s president and senior ministers.

At stake are 37 enterprises many of which are defunct but also included are two functioning sugar firms, one of which is listed.

The owners of the assets would be given an opportunity “opportunity to submit proposals to the government to revive their respective enterprises or assets,” after they are taken over.

In a revised statement the chambers said they also requested that some companies be removed from the bill and informed the president of the “impact of the proposed bill.

The business chambers initially said they will “remain engaged with the government to ensure that the assurances are met.”

However the second statement the chamber made no mention of an earlier assurance that the chambers will ensure that the state keep

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