Sri Lanka's Trade and business chambers have been promised that the proposed bill that would pave the way for takeover under utilized and under performed business ventures is a one-off bill and it would never harm other ventures in the future.
Several Trade Chambers following a discussion with the government said in a statement that they were promised that it will never be done again.
The government is set to introduce the "Revival of Under-performing Enterprises and Under-utilised Assets Act" next week in parliament where it commands a two-thirds majority.
Media Minister Keheliya Rambukwella defending the government's move said the proposed legislation was aimed at improving productivity in companies that received tax and other concessions but were plagued with mismanagement and inefficiency.
Rambukwella denied charges that the bill was aimed at taking over the businesses of those who finance the country’s opposition.
"We are not targeting any individuals, but what we hope to achieve is a people-friendly management that will fully utilise the assets," Rambukwella told reporters at the Government Information Department on Thursday
He rejected opposition claims that the proposed nationalisation would be a blow to the country’s prospects of attracting much-needed foreign investments.
The business chambers said they have been assured that it will be a "one off bill" and the expropriated assets of some of their fellow men would be given back to the "private sector", following a meeting with Sri Lanka's president and senior ministers.
At stake are 37 enterprises many of which are defunct but also included are two functioning sugar firms, one of which is listed.
The owners of the assets would be given an opportunity "opportunity to submit proposals to the government to revive their respective enterprises or assets," after they are taken over.
In a statement the chambers said they also requested that some companies be removed from the bill and informed the president of the "impact of the proposed bill."
The statement :
The business chamber representatives from the Federations of Chambers of Commerce and Industry of Sri Lanka (FCCISL), National Chambers of Commerce of Sri Lanka (NCCSL), National Chamber of Exporters (NCE), Chamber Of Young Lankan Entrepreneurs (COYLE), Joint Appeal Association Forum (JAFF), Free Trade Zone Manufactures Association (FTZMA) and the Ceylon Chamber of Commerce (CCC) had discussions with HE the President on 5th of November.
HE the President was joined by senior cabinet ministers and senior government officials associated with the subject of economic development. At this meeting the chambers appraised the President of the impact of the proposed bill and requested that some companies be removed from the schedule.
The chambers were given the following assurances;
1. That this is a one off bill
2. The intention of this one off bill is purely to revive the 37 underperforming enterprises and underutilized assets listed in schedules 1 and 2.
3. The government proposes to revive these enterprises or assets through the private sector.
4. The present holders of these enterprises or assets will be given the opportunity to submit proposals to the government to revive their respective enterprises or assets.
The business chambers will continue to remain engaged with the government on the proposed bill.
Posted By Sameera Chathuranga
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