Thursday, November 10, 2011
Expropriation bill passed
Sri Lanka passed the Revival of Under performing Enterprises and Underutilized Assets Bill was passed in parliament yesterday.( Nov 9 ). 122 voted for the bill while 46 voted against it. Those who opposed the bill were the UNP, JVP and TNA.
With the Bill passed Rajapakse administration now has power to take over assets of 37 firms including two listed companies – Hotel Developers Lanka Plc and Pelwatte Sugar Industries whilst the latter and another entity Sevenagala Sugar Industries are going concerns.
The administration had insisted that the expropriate law would be a one-off and it would not nationalize other firms in the future.