Sri Lanka’s controversial bill was proposed in 2011 budget

Nov 09, Colombo: Telecommunication and Information Technology Minister of Sri Lanka Ranjith Siyambalapitiya says the proposed bill on the revival of underperforming and underutilized assets was proposed in the 2011 budget and the government was merely implementing the proposal.

Siyambalapitiya has said the bill is not being introduced in a hurry, as claimed by the opposition.

He has observed that the pages 15 and 20 of the 2011 budget proposals have spoken about the need to acquire under performing and underutilized assets.

The criticism leveled against the piece of legislation is due to the unawareness of the proper contents of the bill and is based on the statements made by the opposition political parties, he has maintained.

According to Siyambalapitiya, the government is only acquiring enterprises that have not performed according to the government’s expectations and only 37 such companies have been identified.

“The government will only acquire these 37 companies and nothing more,” he has said, adding that some of the companies among the listed 37 have been privatized before 2005 or are under the Board of Investments.

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