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Sri Lanka clears pre-April 2018 land purchases by foreign-owned listed firms

Jun 19, 2019 10:24 AM GMT+0530 | 0 Comment(s)

ECONOMYNEXT –Sri Lanka’s Cabinet of Ministers has corrected an anomaly in a land ownership law, clearing purchases of land by foreign-owned listed companies before 1 April 2018 when a ban on foreign land ownership was lifted. 

Listed companies in which foreigners owned over half the share capital had been prohibited from buying lands in Sri Lanka by the Restriction on Alienation of Land Act No. 38 of 2014.

The restriction was removed in 2018 following amendments to the law, the state information office said in a statement.

However, while that amendment covered lands bought by foreign-owned companies after 1 April 2018, it made no provision for previous land purchases by them.

The Cabinet of ministers this week approved an amendment to the law proposed by finance minister Mangala Samaraweera to clear the anomaly, the statement said.
(COLOMBO, 19 June, 2019)
 


 

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