"SELF DETERMINATION IS KEY TO THE WORLD PEACE"
Sri Lanka sugar plantation takeover seen “illegal
[Wednesday, 23 November 2011 16:12] Featured, Misc, NewsSour Taste 2 Comment(s)
23 Nov, 201113:54:35
Nov 23, 2011 (LBO) – A listed Sri Lankan sugar plantation that is among businesses taken over by government under a new expropriation law has said the seizure was illegal as it does not fall within the ambit of the new regulation.
Pelwatte Sugar Industries has written to the secretary to the government Treasury requesting the plantation be handed back to the firm as any delay could damage the business, especially in replanting cane for the next season.
The company said in a stock exchange filing the Treasury secretary had been requested to prevent state officials from entering the plantation and that it holds them responsible for any loss of production capacity.
Pelwatte Sugar, which is part of the Distilleries Company group, was one of 37 enterprises, in some of which foreign investors were involved, taken over by the state under a new law that deemed them underperforming and having under-utilised assets.
The new law, the Revival of Underperforming Enterprises and Underutilised Assets Act, was approved by the supreme court within 48 hours recently and passed by parliament where the government has a majority.
Pelwatte Sugar said its sugar plantations are outside the 20-year ambit of the new law as 4,302 hectares had been leased from the state 25 years ago.
Pelwatte also said it was appointed as agent by the Sri Lanka Sugar Corporation for another 3,300 hectares given to settlers to grow sugar cane, also 25 years ago, which also did not fall within the timeframe of the new law.
The firm also rejected allegations its land was underutilised and that it had sought to increase ethanol production at the cost of the sugar production.
The statement said action by the officers of the state to enter the plantation and take it over was clearly illegal.
Any such takeover of leased assets of a publicly listed company "will be an embarrassment to the government and also internationally to the country as a whole," the statement said
Pelwatte Sugar Industries also said the company does not enjoy any tax or other government incentives.
RELATED STORIES
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Sri Lanka expropriations will hurt investment: Fitch 16 Nov
Sri Lanka bourse halts trading on firms heading for expropriation 11 Nov
Sri Lanka listed firm heading for expropriation halts capital raising 04 Nov
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Global Peace Support Group UK Ltd is a registered organisation based in London. The organisation dedicated to be involved in humanitarian and other related issues. We also work along with other similar organisations to promote peace and harmony among various societies..
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MOURNS ON THE CONTINUED TRAGEDY OF THE PEOPLE OF North & East of Tamil EELAM WITH THE HOPE OF ALL OF OUR ENDEAVOURS WOULD BRING AN END TO THOSE SUFFERING DURING THE YEAR AHEAD.
The International community has a duty towards the long suffering Sri Lankan Tamil population to restore their rights of SELF DETERMINATION.
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