Ministries assigned to monitor Competent Authorities of acquired assets, enterprises

The Government has assigned several ministries the task of monitoring the activities of the Competent Authorities (CAs) appointed to the enterprises acquired by the Government under the Expropriation Act.

Four ministries have been assigned the task of monitoring CAs appointed to the acquired enterprises.

President Mahinda Rajapaksa has amended the subjects and operations of these ministries through a gazette notification issued last month.

The Defence and Urban Development Ministry has been assigned to monitor the CAs appointed to five acquired enterprises. The five enterprises are Chalmers Granaries (Pettah), Lanka Tractors Ltd. (Pettah and Narahenpita), the former Cashew Cor-poration and Ceylinco Leisure Properties Ltd., lands situated in Colpetty and properties belonging to Suchir Ned Projects (Pvt) Ltd. in Battaramulla.

The Economic Development Ministry is to monitor the CAs appointed to 29 institutions including Colombo Commercial Company, Continental Vanaspathi (Pvt) Ltd. and Sinotex (Lanka) Ltd.

The Productivity Promotion Ministry is to monitor the CAs appointed to the Pelawatte Sugar Industries Ltd. and Sevenagala Sugar Industries Ltd.

The Finance and Planning Ministry is to oversee the activities of the CA appointed to Hotel Developers (Lanka) PLC.

Under the provisions of the Revival of Underperforming Enterprises and Underutilised Assets Act, enacted in November last year, the Government acquired 37 private enterprises that were not performing up to the Government’s expectations.

The act allowed the Government to appoint a competent authority to control, administer and manage the enterprise or asset to ensure its revival by restructuring or entering into a management contract.