Urgently review land restriction legislation: JKH

Monday, 1 June 2015 00:08 - - {{hitsCtrl.values.hits}}

JKH Chairman Susantha Ratnayake

Premier blue chip John Keells Holdings (JKH) has called for an “urgent review” of the Land Restrictions legislation passed by the previous regime, saying it deters capital formation and foreign investment in the country.

Amidst widespread concerns from the private sector, the Land (Restrictions on Alienation) Act was legislated on 29 October 2014 with retrospective application from 1 January 2013.

JKH Chairman Susantha Ratnayake in his review in the company’s 2014/15 Annual Report said that whilst it recognised and appreciated the need to monitor and manage the freehold sale of land to foreign nationals, JKH was of the view that the Act had much ambiguity.

“The uncertainty it creates as a result will be deterrents to capital formation and foreign direct investment in Sri Lanka and, therefore, requires urgent review,” emphasised Ratnayake.