Where is Lanka heading after takeover law?

Controversial bill causes cracks in UPFA, only two ministers spoke at Ranil asserts his authority in UNP as JVP factions battle for support of members

By Our Political Editor

A controversial law entered the country's statute book on Friday but some of the scars it left behind are certain to linger for months if not years. Speaker Chamal Rajapaksa gave his assent to the Revival of Underperforming Enterprises or Underutilized Assets Bill on Friday night. Since Parliament passed it as an urgent piece of legislation "in the national interest" on Wednesday, the Ministry of Finance has been in touch with the Speaker's office to obtain the assent early. This was to ensure that follow up action was taken without loss of much time. No sooner had the House approved it on Wednesday night, Police armed squads moved in to secure some of the 37 ventures that the government wanted to takeover. They included both the Sevanagala Sugar Industries Limited and the Pelwatte Sugar Industries Limited. The physical takeover of these ventures is expected to take place in the coming week. For the private sector, whose case against the law was made by six different trade chambers and organisations before President Mahinda Rajapaksa just days earlier, concerns remained high. They were assured that the legislation would be "one off" and no other ventures taken over. However, this assurance was not among the amendments moved when the Bill was at the Committee Stage on Wednesday. In fact the government has armed itself with a provision to take over any venture on the grounds that it is either "underperforming" or "underutilized." For whom the bell tolled - Posters announcing the commemoration of the death anniversary of Rohana Wijeyaweera by the JVP. Pic by Nilan Maligaspe READ MORE...