Chief Opposition Whip UNP MP John A E Amaratunga has written to Speaker Chamal Rajapaksa expressing concern regarding the Government's move to pass the Bill titled “Revival of Underperforming Enterprises and Underutilized Assets” as an urgent Bill in parliament next week.
“We strongly object to the manner in which the Government is seeking to rush through with this legislation which in addition is violation of the fundamental rights of a citizen to engage in lawful occupation, profession, trade, business or enterprise,” the Chief Opposition Whip said in a letter sent to the Speaker today.
The Bill has been referred to the Supreme Court by the Government for determination.
Mr.Amaratunga said that the Government intends presenting this Bill in Parliament and passing it in the sitting week beginning 8th of November, 2011.
Underutilized Assets are described in the Bill as (a) land, that was owned by the Government or a Government Agency and alienated within a period of twenty years prior to the date of the coming into operation of this Act, to any person by transferring freehold or leasehold rights or through a divestiture on the basis that the related operations proposed to be carried out on such land will result in generating employment, foreign exchange earnings or savings or economic activities, beneficial to the public, but where such benefits as aforesaid have not accrued, being prejudicial to the national economic and public interest;
(b) land owned by a person that had been granted within a period of twenty years prior to the date of the coming into operation of this Act, either, any tax incentives under any law relating to the imposition an recovery of any tax, incentives under the Board of Investment Law or regulations framed there under, or any Government Guarantee, on the basis that the related operations proposed to be carried out connected thereto will result in generating employment, foreign exchange earnings or savings or economic activities, beneficial to the public but where such benefits as aforesaid have not accrued, being prejudicial to the national economy and public interest.
Underperforming Enterprises are described in the Bill as, (a) A Company or other authority, institution or body established by or under any written law for the time being in force, in which the Government owns shares and where the Government has paid contingent liabilities of such enterprise and the Government is engaged in protracted litigation with regard to such enterprise which is prejudicial to the national economy and public interest.
Among the many Underutilized Assets earmarked in the Bill are Land Comprising of Pelwatte Sugar Industries Limited, Land Comprising of Sevanagala Sugar Industries Limited and Ceylinco Leisure Properties Limited.
Mr.Amaratunga pointed out in the letter that the Pelwatte Sugar Industries Limited is by no means an Underutilized Asset; it is an on-going fully operational and profitable enterprise and is a public quoted company.
Sevanagala Sugar Industries Limited though a privately owned company is also a fully operational on-going, profitable venture while Ceylinco Leisure Properties Limited belongs to Ceylinco Group of Companies. The depositors in several of the troubled Ceylinco subsidiary companies are now in Court seeking return of their investments and this property if bound to be included in any compensation scheme with the courts will finally draw up.
In the circumstances we of the United National Party strongly urge the Government to reconsider this Bill in this entirety and in any event special consideration be given to three companies mentioned above, the letter said.
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