37 companies to be acquired through new Bill

2 November 2011 12:11 am - 1 - {{hitsCtrl.values.hits}}

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The controversial Bill that seeks to take over 37 private institutions include Sevanagala Sugar Industries Ltd. owned by Ampara district UNP organiser Daya Gamage, Ceylinco Leisure Properties Ltd and a host of garment factories, the Daily Mirror learns.

The Bill titled ‘the Revival of Underperforming Enterprises and Underutilized Assets’ will be presented in Parliament on November 9 despite objections by the opposition, it is learnt.

The Bill gives power to the state to take over these assets or appoint a competent authority to manage them. The other institutions to be acquired are Charmers Granaries in Pettah, properties of Colombo Commercial Company in Badulla, properties of Lanka Tractors Ltd in Pettah and Narahenpita, the land property of Pelawatte Sugar Industries Ltd, Sintox (Lanka) Ltd, JAQALANKA LIMITED, Plymouth Industries (private ) Limited, Cosmos Macky Industries Limited, Kabool Lace (Pirvate)Limited, former cashew corporation land, Intertrade Lanka(Private)Limited, Suchir Neb Projects(Private) Ltd, Seetha’s Fashion (Private) Ltd, D.C. Apparel(Private) Limited, Needle Crafts(Private)Limited, HY Fashion Garments (Private) Ltd, Collins Garment (Private) Ltd, Ruhuna Putha Apparels(Private) Ltd, Sanjaya Garments(Private)Ltd, MACFA Apparel(Private) Ltd, Yobeedha Associates(Private)Ltd, Dynamic Clothing(Private) Ltd, Polymers Exports (Private) Ltd, Cosco Polymer Lanka Ltd, Great Wall Thread Manufacturing (Private) Ltd, Adamjee Extractions (Private) Ltd, Data Food(Private) Ltd, Tendon Lanka Private Ltd, Rican Lanka Private Ltd, Composite Tower Solutions(Private)Ltd, Health Food Products(Private) Ltd, Sri Chirag Private Ltd, Royale Exports Ltd, Continental Vanaspathi(Private) Ltd and Hotel Developers (Lanka) PLC.

The government will have powers under this Bill to appoint a competent authority who can control, administer or manage these institutions. Or else, the competent authority is expected to revive these institutions in keeping with the policies of the government. Anyone from the director boards of these institutions cannot be given powers to exercise any control the assets acquired. When exercising power, the competent authority is required to consult the government when necessary.

A UNP MP who wished to remain anonymous said the government would be able to acquire any institution in addition to these 37 in the future by bringing a mere amendment to this bill. The MP said prospective investors would think twice in investing in Sri Lanka if this Bill were enacted in the House. (Kelum Bandara)

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Comments - 1

Leslie Wednesday, 02 November 2011 06:15 AM

This bill is going to be the death knell of private investments in Sri Lanka and also foreign BOI investments.

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37 companies to be acquired through new Bill

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