Parliament passes Assets Acquisition bill

The Revival of Under-performing Enterprises and Under-utilized Assets bill was passed in Parliament today (Nov 09) with 122 voting for and 46 voting against it. The act will see the state acquiring 37 private businesses it has defined as underperforming.

The Supreme Court ruled yesterday that the controversial legislation to acquire underperforming enterprises and under-utilized assets is consistent with the constitution. The bill was presented to parliament by the Prime Minister on the same day.

Earlier today the Assets Acquisition bill was taken up for debate in parliament after Speaker Chamal Rajapaksa had adjourned the session for half an hour after the opposition raised objection to the proposed bill.

Though President Rajapaksa has said the bill will be a ‘one-off’ act to acquire the specified properties, economists, investors, state officials and opposition have raised concerns over it, saying it could damage business confidence.

Jathika Hela Urumaya, a nationalists’ party which is a partner of the ruling coalition, had also expressed its disapproval towards the bill.

Legal advisor to the party, Udaya Gammanpila said today that if two schedules are not withdrawn from the Assets Acquisition bill the JHU will abstain from voting in Parliament.


Courtesy: Ada Derana