ECONOMYNEXT – Sri Lanka’s cabinet of ministers had cleared a draft law aimed at ending controls on land ownership imposed on listed companies with foreign ownership.
In 2014, barely three years after expropriating several domestic and foreign companies, and undermining the FDI landscape, Sri Lanka brought new legislation to further block foreign investors from owning land in Sri Lanka amid rising nationalism.
The Land (Restrictions and Alienation) Amendment Bill, ended full freehold of Sri Lankan citizens, by ending their right to sell land to anyone they wished.
After independence from British rule, property rights of both citizens and foreign investors had been systematically violated through several expropriations of both businesses and land, unlike fast growing nations in East Asia.
The cabinet has approved changes to the Land (Restrictions and Alienation) Amendment Bill, exempting listed companies from the law.
The changes still have to be passed by parliament. (Colombo/Oct03/2019)