CAs soon for acquired enterprises

The Government will begin appointing Competent Authorities for each of the 37 enterprises and underutilized assets to be taken over from next week, Economic Development Minister Basil Rajapaksa told the Sunday Times.

“We will pick lawyers, experts and professionals in the respective fields to be appointed on a temporary basis. Their main task will be to analyse what future action should be taken regarding the enterprise or the asset,” Mr. Rajapaksa said.

He said the 36 underperforming enterprises or the underutilized assets had been divided into three categories – business which had completely closed down and needed to be taken over by new investors, institutions which will continue to operate with a new management and underutilized lands which may be taken over by the government.

The minister said employees of institutions which were still operating would be given a guarantee that they could continue under a new management. He said the government would call for tenders from investors to manage these institutions, especially Free Trade Zone factories that had been closed down.

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