The Ministry of Justice is considering setting up a separate High Court to hear investment disputes.The proposal made by Hon. Ali Sabri, Minister of Justice to prepare a Bill containing the necessary provisions for that and to advise lawmakers to proceed with the relevant activities, was approved by the Cabinet yesterday.
The statement issued by the Cabinet Office in this regard is as follows.
The Minister of Justice has instructed the Commercial Law Reform Subcommittee appointed under the Special Unit of the Ministry of Justice to make recommendations on the legal reforms that need to be made to create a legal environment conducive to investment in Sri Lanka.
Accordingly, the committee has proposed to set up an Investment Disputes Tribunal with jurisdiction to hear and decide on “disputes” within the Rs. 50 million financial limits arising out of an initial investment of Rs. 100 million or more.
