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The Dalai Lama
A Brief Colonial History Of Ceylon(SriLanka)
Sri Lanka: One Island Two Nations
A Brief Colonial History Of Ceylon(SriLanka)
Sri Lanka: One Island Two Nations
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Back to 500BC.
Monday, November 7, 2011
For Ethanol, Take It All
Sunday, November 06, 2011- An attempt to monopolize the liquor industry using the nationalization movement
President Mahinda Rajapaksa
By Ashwin Hemmathagama
Although it is intended to look like political victimization, the controversial Bill – Revival of Underperforming Enterprises and Underutilised Assets, which will be presented to Parliament this week will pave the way for some relatives of the Rajapaksa family and their stooges to create a monopoly in the local liquor industry.
Once enacted, this Bill will provide for vesting in the state, identified underperforming enterprises or underutilised assets; to appoint in respect of each one or more of such underperforming enterprises or underutilised assets a competent authority; to provide for their thorough alternative initialisation and the payment of compensation in respect thereof; and to provide for matters connected therewith and incidental thereto. The Bill lists 38 ventures already identified by the Government as underutilised assets and underperforming enterprises. Although it is included in this list, Sevanagala Sugar Industries Ltd. and Pelwatte Sugar Industries PLC are two private enterprises in full swing making considerable amounts of operational profits while providing direct and indirect employment opportunities for well over 100,000 Sri Lankan families.
Proving the profitability of his business, which is listed as a failure in this Bill, Daya Group Chairman, Daya Gamage, the investor in Sevanagala Sugar Industries Ltd. told The Sunday Leader that a turnover of Rs.1.1 billion was reported during the FY 2010/11 and the net profits for the last three years exceeded Rs. 630 million. “This Bill was brought in within a short period of time with ulterior intensions. It did not allow us or the trade chambers to prove that my business at Sevanagala is not underperforming or with underutilized assets. I bought Sevanagala Sugar Industries Ltd. in 2002 for Rs. 550 million and have invested heavily to make it work. I do not want to look at this as political victimisation,” he said.
Proving the profitability of his business, which is listed as a failure in this Bill, Daya Group Chairman, Daya Gamage, the investor in Sevanagala Sugar Industries Ltd. told The Sunday Leader that a turnover of Rs.1.1 billion was reported during the FY 2010/11 and the net profits for the last three years exceeded Rs. 630 million. “This Bill was brought in within a short period of time with ulterior intensions. It did not allow us or the trade chambers to prove that my business at Sevanagala is not underperforming or with underutilized assets. I bought Sevanagala Sugar Industries Ltd. in 2002 for Rs. 550 million and have invested heavily to make it work. I do not want to look at this as political victimisation,” he said.
