Press briefing of Cabinet Decision taken on 2019-04-09

Repealing the Revival of Underperforming Enterprises or Underutilized Assets Act, No.43 of 2011

- The Revival of Underperforming Enterprises or Underutilized Assets Act, No.43 of 2011 has been enacted to vest the Underperforming Enterprises or Underutilized Assets with the Government and making provisions for their proper management, administration or revival and for the payment of relevant compensation. However, since the said Act creates a sense of uncertainty in the minds of the investors and affects adversely on the country's ease of doing business, a proposal has been made to repeal the said Act by the Budget speech 2018. As such, the proposal made by Hon. Lakshman Kiriella, the Minister of Public Enterprise, Kandyan Heritage and Kandy Development, to present the draft Bill prepared to repeal the said Act, in Parliament for approval, was approved by the Cabinet.