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Saturday, 28 July 2012 - 8:07
CPC loses appeal against hedging ruling
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Sri Lanka’s state-run oil company CPC  lost an appeal against a London court ruling which ordered it to pay nearly 162 million dollars plus interest for non-payment of dues to Standard Chartered Bank linked to hedging deals.

Last year, Ceylon Petroleum Corporation appealed against the ruling in favour of Standard Chartered, which went to court after the oil firm refused to make hedging payments to the bank.

Attorney General Palitha Fernando had stated that they are looking at the possibilities of appealing in the House of Lords.

Minister Susil Premajayantha said they are in consultation with the Attorney General’s department to appeal against the judgement.”

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