(LANKAPUVATH | COLOMBO) – The Economic and Commercial Office of the Chinese Embassy in Sri Lanka Tuesday (11) confirmed that Sri Lanka’s People’s Bank has been removed from its blacklist.
In October 2021, the People’s Bank of Sri Lanka was blacklisted by the Economic and Commercial Office of the Embassy of the People’s Republic of China in Sri Lanka for defaulting on payments according to the Letter of Credit (L/C) and the contacts between two parties over the Chinese Fertilizer shipment that was rejected by Sri Lanka, after pathogens were detected in samples twice.
On the 9th of January 2022, the People’s Bank of Sri Lanka has informed the Chinese Embassy in Sri Lanka of its request to be taken off the blacklist after it honored the Letter of Credit obligation of USD 6.9 million to China’s Qingdao Seawin Biotech Group.
The People’s Bank of Sri Lanka paid the relevant amount after the two parties agreed to a settlement and accordingly, the Colombo Commercial High Court dissolved an order preventing the payment to the Chinese company for imported fertilizer.
