Sri Lanka to repeal expropriation law: Eran
Oct 12, 2017 16:21 PM GMT+0530 | 1 Comment(s)
ECONOMYNEXT - Sri Lanka will repeal a recent law which expropriated a number of businesses and scared away investor, State Minister Eran Wickremeratne said.
"The government is trying to create an environment of inviting foreign," Wickremeratne told a forum to expand economic freedoms in the country, hosted by Advocata Institute, a Colombo-based think tank, and Fraser Institute of Cananda.
The expropriation legislation was very detrimental to investment, he said.
"The present government does not agree on what happened," Wickremeratne said. "And steps will be taken to repeal such legislation."
The main constituent party of the current coalition, United National Party, the current official opposition part Tamil National Alliance and even, the Marxist Janatha Vimukthi Peramuna vehemently opposed the expropriation law in 2011.
It was an 'ad hominem' law, enacted by the ousted Rajapaksa administration naming specific companies earmarked for expropriation and prohibited legal challenge, overriding both the executive and judiciary, violated the separation of powers.
Many of the businesses are still in state hands. Among the expropriated institutions were two listed companies, Colombo Hilton and Pelwatte Sugar.
It is not clear how the repeal will affect some of the firms, which have since seen new investments. (Colombo/Oct12/2017)