British shareholder to challenge govt

18 Nov 2011 - {{hitsCtrl.values.hits}}

A British company, which is an investment partner of Sevenagala Sugar Industries Ltd has decided to challenge the government’ expropriation bill at the World Bank-affiliated Investment Dispute Settlement Unit in Washington, sources close to the United National Party (UNP) said yesterday.

Sevenagala Sugar is among the 37 companies listed for acquisition under the provisions of the new Act titled, ‘the Revival of Underperforming Enterprises and Underutilized Assets’.

The Sugar company proprietor Daya Gamage has already decided to go before an international arbitration panel either in Singapore, London or Washington.

However, the British shareholder of his company has individually decided to take up the case in Washington. Sources said the company had been registered with the Board of Investments and therefore, had a basis to seek arbitration on the acquisition at an international court. At the moment, the company is consulting its lawyers. (By Kelum Bandara )

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British shareholder to challenge govt

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