Overview

November saw the submission of the controversial Revival of Underperforming Enterprises and Underutilized Enterprises Act, as an urgent bill by the government. The Act enabled the government to acquire shares of 37 companies, listed in its Schedules, deemed to be underperforming or underutilized.

Certain media reports alleged that the government intended using the Act to acquire more businesses and property, which the Presidential Secretariat denied. It has been cleared that the Act was a one-off law, which applied only to the scheduled companies. Questions were also raised as to why there was such haste to deal with these properties using the Urgent Bill provision, which was originally meant to deal with emergency situations such as national disasters and national security requirements.

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