An Echelon Media Company
Wednesday May 19th, 2021
Legal

Sri Lanka close to ending land restrictions on foreign invested listed firms

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)

Comments (2)

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  1. sacre blieu says:

    The death knell of our country coming from the final stroke of social destruction and the road to make this country a laundry for illicit and illegal money. From this other social diseases will follow. There is adequate legal accommodation for certain foreign investors to own land.

  2. dickie bird says:

    Sri Lanka land belong to Sri Lankans.

Comments

Comments (2)

Your email address will not be published. Required fields are marked *

Your email address will not be published. Required fields are marked *

  1. sacre blieu says:

    The death knell of our country coming from the final stroke of social destruction and the road to make this country a laundry for illicit and illegal money. From this other social diseases will follow. There is adequate legal accommodation for certain foreign investors to own land.

  2. dickie bird says:

    Sri Lanka land belong to Sri Lankans.