CoPF approves regulations under Colombo Port City Economic Commission Act

Saturday, 28 October 2023 00:40 - - {{hitsCtrl.values.hits}}

MP Dr. Harsha de Silva

AG is advised to give an opinion on business companies in Colombo Port City within four weeks
CoPF notified about Port City Commission approval for two cryptocurrency exchanges

The Committee on Public Finance (CoPF) has given its approval for the orders outlined in the Colombo Port City Economic Commission Act No. 11 of 2021, as published in Gazette Notice Notification 2339/31. This decision was reached after a comprehensive discussion held during a recent Parliamentary meeting chaired by MP Dr. Harsha de Silva.

The focus of the discussion centred on ten business entities currently operating within the Colombo Port City. Attention was also drawn to contractual concerns, with contracts being signed by these companies at various stages: before, during and after the preparation of the port city.

The Committee observed that there was a lack of uniformity in the agreement process, lacking a solid legal basis.

In light of this, the Committee recommended that the Attorney General’s (AG) opinion be sought within four weeks, with the expectation that this input will provide clarity on the matter. Additionally, the Committee stressed the importance of evaluating the constructions carried out by these companies in the designated area.

The CoPF also notified receiving information that the Port City Commission had granted permission for the operation of two cryptocurrency exchanges. In response, the Committee advised that inquiries be made with the Central Bank to gather their perspective on this development.

State Minister Dr. Suren Raghavan, along with MPs Chandima Weerakkody, Nimal Lanza, Patali Champika Ranawaka, Duminda Dissanayake, and U.K. Sumith Udukumbura were present during the Committee meeting.