SL to establish investment disputes tribunal

The Cabinet nod has been given to establish an investment disputes tribunal with powers to hear and decide on investment disputes within the financial limit of Rs.50 million arising out of an initial investment of Rs.100 million and above.

Justice Minister Ali Sabry on Monday sought the approval to establish the Investment Disputes Tribunal based on a recommendation of the Commercial Law Reform Sub-Committee. The Commercial Law Reform Sub-Committee is among the five-subcommittees formed in 2020, which are headed by reputed Attorneys-at-Law specialising in their field with an objective to rapidly reform and modernise the legal system of Sri Lanka.
The Commercial Law Reform Subcommittee appointed under the Special Unit of the Ministry of Justice has been tasked with providing recommendations on the legal reforms that need to be made to create a legal environment conducive for investments in Sri Lanka.