FLSP to file legal action over Colombo Dockyard stake sale - Dy Minister assures transparency

Colombo, June 29 (Daily Mirror) - The Front Line Socialist Party (FLSP) has announced plans to take legal action against the government's decision to hand over a stake in Colombo Dockyard to a foreign entity.

FLSP Secretary for Education Affairs, Pubudu Jayagoda, stated that the party will soon file a petition with the Supreme Court, seeking to annul the agreement signed between the Sri Lankan government and India-based Mazagon Dock Shipbuilders Ltd., a company known for manufacturing naval attack crafts.

"We have been informed that a 51% stake in Colombo Dockyard is to be sold to this Indian company. We strongly oppose this move, as it would result in the government losing its majority ownership in a strategically significant institution," Jayagoda told the Daily Mirror.

He further claimed that the stake is being sold for just USD 50 million, despite the institution’s assets being valued at over USD 130 million.

Responding to concerns, Deputy Minister Eranga Gunasekara assured the media that the transaction would be handled transparently. "We will not let the people down," he said.