Sri Lankan parliament approves asset acquisition act

Sri Lanka's parliament on Wednesday empowered the government to take over assets of 37 firms including two listed companies, amidst strong protest from the opposition and the island nation's business chambers. The asset acquisition bill allows the government appoint authorities to manage in the interests of national economy what it has defined as one underperforming enterprise and 36 under-utilised assets.
Investors were given the assets many years ago by the state either as an incentive or as a loss-making state enterprise to turn around.