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CPC To Appeal

Jul 12, 2011 6:33:37 AM - thesundayleader.lk

The Ceylon Petroleum Corporation (CPC) is to appeal against the order given by a UK Court to pay millions of dollars to the Standard Chartered Bank.

TheUKcourt has ordered the CPC to pay US$ 162 million (Rs 17.8 billion) along with interest to Standard Chartered Bank for non-payment of dues linked to hedging when the oil price hit a record level and then crashed.

The Court order was delivered inLondonon Monday, but granted permission to appeal.