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Parliament passes expropriation bill

Sri Lanka’s parliament has passed the controversial nationalisation bill, clearing the way for the government to take over 37 companies.

The "Revival of Under-performing Enterprises and Under-utilised Assets Act" allows the takeover of companies that are deemed to be underperforming by the government.

Opposition leader Ranil Wikremesinghe and the influential Buddhist clergy have spoken out against the new bill.

The 37 companies to be nationalised include several companies with foreign capital and businesses owned by supporters of the main opposition.

See our previous articles:

Supreme Court backs government's expropriation bill (08 Nov 2011)

Expropriation bill claims first victim (05 Nov 2011)

Sri Lankan Government to 'takeover 36 private companies'  (01 Nov 2011)