Senior Sri Lankan Buddhist monks asked the state to withdraw a planned law to expropriate businesses, saying it violated citizens rights and that loss-making state enterprises should be turned around first.
They said the proposed law would deter local and foreign investment the current administration is trying to attract to accelerate economic growth after the end of the island's 30-year ethnic war in 2009.
The draft bill of the law, titled 'The Revival of Underperforming Enterprises and Underutilised Assets Act', has identified for expropriation assets of 37 enterprises and is being rushed through Parliament with no opportunity for debate.
At least two ventures, both sugar plantations, are profitable. Another is a Singapore based firm which is operating a convention centre in Colombo on a 25-year build operate transfer agreement.
Thibbotuwawe Sri Siddhartha Sumangala thero, chief priest of the Malwatte chapter of the clergy, has urged President Mahinda Rajapaksa not to take over profitable private enterprises.
Private sector support was essential for the government's economic development programme, he said in a letter released to the media at a news conference.
Investors who bought and turned around loss-making state ventures should be allowed to continue, he said.
Maduluwawe Sobitha thero, chief priest of the Kotte Naga Vihara (temple) said the proposed law was harmful to the interests of the country.
"Unlike during the war time, there is no justifiable urgency to pass this bill," he told the news conference.
"We hope the government will not go ahead with this new bill and give people an opportunity to voice their opinion about it, which is their right.
"It makes no sense to bring a new law like this and take over even profitable businesses when state-owned enterprises that were nationalised earlier are themselves making heavy losses."
Sobitha thero cited heavy losses at the state power utility and petroleum refiner as well as in a new venture, Mihin Lanka, a state-run budget carrier.
Two state-owned sugar plantations at Hingurana and Kantalai are defunct after making losses, he noted.
However, he said two other sugar plantations slated for expropriation under the new law were now profitable after private sector investors bought them and turned them around.
"Sevanagala Sugar is now being run profitably by its owner Daya Gamage who bought it when it was privatised," Sobitha thero said.
"Sevanagal Sugar and (listed) Pelwatte Sugar are businesses that have been revived by private investors and made profitable. If they are taken over by the government again they will be ruined and become loss-making again.
Sobitha thero also warned that the new law, if passed, would nullify government efforts to attract investors, especially foreign investors.
"The government is trying to attract investors but if this law is passed no investor in his right mind will invest in Sri Lanka. They will fear enterprises they buy and revive can be taken over by government after they make it profitable."
LBO
sadu sadu sadu !!
They said the proposed law would deter local and foreign investment the current administration is trying to attract to accelerate economic growth after the end of the island's 30-year ethnic war in 2009.
The draft bill of the law, titled 'The Revival of Underperforming Enterprises and Underutilised Assets Act', has identified for expropriation assets of 37 enterprises and is being rushed through Parliament with no opportunity for debate.
At least two ventures, both sugar plantations, are profitable. Another is a Singapore based firm which is operating a convention centre in Colombo on a 25-year build operate transfer agreement.
Thibbotuwawe Sri Siddhartha Sumangala thero, chief priest of the Malwatte chapter of the clergy, has urged President Mahinda Rajapaksa not to take over profitable private enterprises.
Private sector support was essential for the government's economic development programme, he said in a letter released to the media at a news conference.
Investors who bought and turned around loss-making state ventures should be allowed to continue, he said.
Maduluwawe Sobitha thero, chief priest of the Kotte Naga Vihara (temple) said the proposed law was harmful to the interests of the country.
"Unlike during the war time, there is no justifiable urgency to pass this bill," he told the news conference.
"We hope the government will not go ahead with this new bill and give people an opportunity to voice their opinion about it, which is their right.
"It makes no sense to bring a new law like this and take over even profitable businesses when state-owned enterprises that were nationalised earlier are themselves making heavy losses."
Sobitha thero cited heavy losses at the state power utility and petroleum refiner as well as in a new venture, Mihin Lanka, a state-run budget carrier.
Two state-owned sugar plantations at Hingurana and Kantalai are defunct after making losses, he noted.
However, he said two other sugar plantations slated for expropriation under the new law were now profitable after private sector investors bought them and turned them around.
"Sevanagala Sugar is now being run profitably by its owner Daya Gamage who bought it when it was privatised," Sobitha thero said.
"Sevanagal Sugar and (listed) Pelwatte Sugar are businesses that have been revived by private investors and made profitable. If they are taken over by the government again they will be ruined and become loss-making again.
Sobitha thero also warned that the new law, if passed, would nullify government efforts to attract investors, especially foreign investors.
"The government is trying to attract investors but if this law is passed no investor in his right mind will invest in Sri Lanka. They will fear enterprises they buy and revive can be taken over by government after they make it profitable."
LBO
sadu sadu sadu !!
