We have mentioned under Question 1 above that successive and reversionary interests in land were abolished by the Abolition of Fedeicommissa and Entails Act No.20 of 1972. Consequent to this abolition, the existence in Sri Lanka of the fact-situation envisaged in this Question is minimal.

There may be trusts in which the Trustee holds property for the benefit of certain beneficial owners. The legal ownership to the property vests in the Trustee, and the beneficial ownership in the beneficiaries. Similarly, there can be a Last Will providing for the same fact-situation.

In situations such as these, there is no specific law in Sri Lanka which makes it necessary to disclose as a matter of public record the ultimate beneficial owners of entities which own real estate, whether such entities be companies or otherwise.