Sri Lanka’s state enterprises privatization is slow due to the process that was followed to ensure that the transactions were transparent and there was no risk of being reversed, SOE restructuring unit chief Suresh Shah said.
“If it is reversed it would have damaged the investment environment in the country,” Shah told a forum organized by Advocata, a Colombo based think tank. “Particularly if the investor was a foreign investor.”
Courts reversed the privatization of Sri Lanka Insurance after a public interest petition alleged a flaw in the process.
“We were very conscious of that, and because of this we have put several controls and procedures in place to ensure the transparency, and credibility of the whole process. As a result, it has taken time.”
