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Govt.: Appeal Handed Against Hedging Verdict

Jul 23, 2011 9:55:09 AM - thesundayleader.lk

The government says there was no need to many payments to the Standard Chartered Bank over the controversial hedging deal since the government has appealed the ruling of a London court.

Petroleum Industries Minister Susil Premajayantha has said the government has already appealed against the London court ruling that the Ceylon Petroleum Corporation (CPC) owed US$ $162 million and interest for non-payment of dues linked to the oil hedging deals.

The Minister has said the government therefore did not have to make any payment to the bank.

According to Premajayantha, the government had also not paid legal fees since the amount is yet unknown.

The Minister made this comments in response to questions posed to him on the oil hedging deal by DNA parliamentarian Anura Kumara Dissanayake.