14. Insertion of new sections 52A, 52B, 52C, 52D and 52E in the principal enactment

The following new sections are hereby inserted immediately after section 52 of the principal enactment and shall have effect as sections 52A, 52B, 52C, 52D and 52E of that enactment: -

52A. (1) The Commission shall, from time to time as it deems appropriate in respect of any project, evaluate the ex-post monitoring of key performance indicators, and disclose the outcomes and fi scal impacts of the Businesses of Strategic Importance to the public by publication on its offi cial website.

“Ex-post monitoring of

Businesses of Strategic

Importance

Colombo Port City Economic Commission

Where any authorised person of Businesses of Strategic Importance fails to comply with the approved key performance indicators, the Commission shall issue a notice of non-compliance to the authorised person, which shall include—

the nature of the non-compliance;

a specifi ed time frame for corrective action;

a directive requiring immediate compliance and recommendation to take any other remedial or enforcement action as may be necessary to ensure compliance; and

a requirement to submit a compliance plan, where appropriate.

Where any authorised person of

restrict, suspend or revoke any or all exemptions or incentives granted under this Act in respect of the Businesses of

impose administrative penalties to recover the loss incurred in that connection.

The Commission shall, before taking action specifi ed in paragraph (a) or (b) of subsection (3) of section 52A, issue a notice in writing to the authorised person of the Businesses of Strategic Importance, specifying the grounds for the action.

A notice under subsection (1) shall require the authorised person of the Businesses of Strategic Importance to show cause within a period of one month from the date of receipt of the notice, as to why the actions specifi ed in paragraph (a) or (b) of subsection (3) of section 52A should not be taken.

The authorised person of the Businesses of Strategic Importance shall be afforded a reasonable opportunity to be heard, either in person or through an authorised representative, before a fi nal decision is made.

Upon the consideration of any representations made by the authorised person of the Businesses of Strategic Importance or his representative, the Commission may, for the reasons to be recorded in writing, restrict, suspend, or revoke any or all exemptions or incentives granted under this Act in respect of the Businesses of Strategic Importance.