The government has given the assurance to the business community that the proposed "Revival of Underperforming Enterprises and Underutilized Assets" Bill is a one-off bill and it would never harm other ventures in the future.

The proposed legislation is to be tabled in the parliament next week.

Sri Lanka's business and chambers following a discussion with the government said in a statement that they were promised that it will never be done again.

According to a statement issued by the group of business chambers, representatives of several business organizations have held discussions on Saturday with the President, senior cabinet ministers and senior government officials associated with the subject of economic development to express their concerns over the bill.

During the meeting the government has assured the business representatives that it would be a 'one off bill' and its intention is purely to revive the 37 underperforming enterprises and underutilized assets slated to be taken over.

The owners of the assets would be given an opportunity to submit proposals to the government to revive their respective enterprises or assets after the take over.

The government has assured to revive these enterprises or assets through the private sector and to give the present holders of these businesses the opportunity to submit proposals to the government to revive their respective enterprises or assets.

The business chambers have been assured that some of the expropriated assets would be given back to the private sector. The representatives have requested that some companies be removed from the schedule.

"The business chambers will continue to remain engaged with the government on the proposed bill," the statement said.

The government media spokesman, Minister of Mass Media and Information Keheliya Rambukwella during the weekly Cabinet briefing on Thursday said the management of some of the companies of deliberately mismanaging the institutions by denying benefits to workers, delaying payment of salaries and methodically destroying the assets and machinery.

He denied the opposition's charges that the bill is aimed at taking over businesses owned by opposition party members.
"We are not targeting any individuals, but what we hope to achieve is a people-friendly management that will fully utilise the assets," Minister Rambukwella said.

Full text of the statement issued by business chamber :

The business chamber representatives from the Federations of Chambers of Commerce and Industry of Sri Lanka (FCCISL), National Chambers of Commerce of Sri Lanka (NCCSL), National Chamber of Exporters (NCE), Chamber Of Young Lankan Entrepreneurs (COYLE), Joint Appeal Association Forum (JAFF), Free Trade Zone Manufactures Association (FTZMA) and the Ceylon Chamber of Commerce (CCC) had discussions with HE the President on 5th of November.

HE the President was joined by senior cabinet ministers and senior government officials associated with the subject of economic development. At this meeting the chambers appraised the President of the impact of the proposed bill and requested that some companies be removed from the schedule.

The chambers were given the following assurances;
1. That this is a one off bill
2. The intention of this one off bill is purely to revive the 37 underperforming enterprises and underutilized assets listed in schedules 1 and 2.
3. The government proposes to revive these enterprises or assets through the private sector.
4. The present holders of these enterprises or assets will be given the opportunity to submit proposals to the government to revive their respective enterprises or assets.

The business chambers will continue to remain engaged with the government on the proposed bill.