The Government will soon introduce laws to prevent the sudden nationalization of private properties including enterprises and properties.
For this, the government hopes to introduce a new Investment Security Act as proposed in the 2025 budget.
“The aim of the act is to prevent the arbitrary takeover of private properties including enterprises and properties, to establish an investment security board to solve disputes and to ensure policy stability and forecasting for investors'', a note to the Cabinet said.
Accordingly, a committee of officers had been formed to prepare a concept paper for a draft bill.
The Cabinet has approved the proposal.
President in his role as the Minister of Finance, Plan Implementation and Economic Development furnished the proposal and Cabinet of Ministers granted approval to move forward.
The Colombo–Kandy main road at Pahala Kadugannawa has been closed indefinitely after a deadly rockfall in the area that left six people dead and four others injured.
The Cyclonic Storm “Ditwah” moved further north from Trincomalee today evening leaving a trail of destruction including more than 90 deaths, over 100 missing and tens of thousands displaced, officials said.
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A third rescue attempt to save 28 people trapped on the rooftop of a farm building in Vithikuliya, Nikaweratiya, has failed due to the dangerous water surge from the Deduru Oya.
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