Sri Lankan courts are expected to pass a law that will allow the state to expropriate any assets from citizens that they deem “underutilized”.
According to reports, anyone found guilty of not handing their assets over to the Sri Lankan government will be “liable to imprisonment of ten years or a fine or both".
It targets not only "underperforming enterprises”, but “underutilized assets" also, allowing the state to seize land and any other asset from individuals to large businesses.
The law was proposed under an “urgent bill”, a device which commentators say is used to rush bills through the Sri Lankan courts.
See our earlier post:
‘Seized “state land” to be sold commercially’ (Oct 2011)
According to reports, anyone found guilty of not handing their assets over to the Sri Lankan government will be “liable to imprisonment of ten years or a fine or both".
It targets not only "underperforming enterprises”, but “underutilized assets" also, allowing the state to seize land and any other asset from individuals to large businesses.
The law was proposed under an “urgent bill”, a device which commentators say is used to rush bills through the Sri Lankan courts.
See our earlier post:
‘Seized “state land” to be sold commercially’ (Oct 2011)