News

Revival of Underperforming Enterprises (Repealed) Bill passed

The Parliament has passed a Bill to repeal the Expropriation Act with a majority vote of 22 with 91 Parliamentarians participating in the vote.

This Act would allow the Government to take over 7 underperforming enterprises or underutilized assets including lands belonging to Pelwatte Sugar Industries Ltd and Sevanagala Sugar Industries Ltd.

The Revival of Underperforming Enterprises or Underutilized Assets Act was enacted in 2011 to vest underperforming enterprises or underutilized assets with the Government.

The new Act will vest the underperforming enterprises with the Secretary of the Treasuries.