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Thursday, February 22, 2024

Ministries and MOD appointed to oversee CAs of institutions taken over by Govt

Chandani Kirinde The Defence and Urban Development Ministry has been assigned with the task of monitoring and supervising of activities carried out by the Competent Authorities (CA) appointed to five institutions taken over under the Revival of Underperforming Enterprises and Underutilized Assets Act

These include Chalmers Granaries (Pettah) Lanka Tractors Ltd (Pettah and Narahanpita), the former Cashew Corporation and Ceylinco Leisure Properties Ltd, lands situated in Kollupitiya, as well as properties belonging to Suchir Ned Projects (Pvt) Ltd. in Battaramulla.

The CAs were appointed to the 37 enterprises listed in the Schedule of the controversial Act passed last November, and their monitoring and supervision initially vested with the Secretary to the Treasury.
However, President Mahinda Rajapaksa has issued a gazette to amend the Subjects and Functions of Ministries, under which, four separate ministries have been assigned to monitor and supervise the CAs appointed to these enterprises.

The Ministry of Economic Development will supervise and monitor the CAs appointed to 29 institutions including Colombo Commercial Company, Continental Vanaspathi (Pvt) Ltd and Sinotex (Lanka) Ltd.
The Ministry of Productivity Promotion will monitor and supervise the activities of the CAs appointed to the Pelwatte Sugar Industries Ltd and Sevenagala Sugar Industries Ltd, while the Ministry of Finance and Planning will look into the activities of Hotel Developers (Lanka) PLC.

The CAs appointed include several lawyers as well as District Secretaries serving in areas where properties taken over by the Government are located.


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