Hearing in the Standard Chartered Bank (SCB) $161 million claim in a British court against the Sri Lankan government’s refusal to pay oil hedging dues concluded on April 8 after the recording of evidence and cross-examination.
Eight to nine witnesses each, from both sides, gave statements and were cross-examined by lawyers appearing on behalf of SCB and the Sri Lankan government in the claim before the London Commercial High Court.
Clive Haswell, former SCB Colombo CEO Colombo and seen as the principal ‘actor’ in the controversial hedging deals with the Ceylon Petroleum Corporation (CPC), was among the witnesses which included Minister A.H. M. Fowzie.
Judgment in the case is likely to be delivered in May or June. The government says the CPC had no right to enter such a transaction and accuses the bank of mis-selling while SCB says the CPC must meet its contractual obligation. Witnesses were asked to submit statements prior to the case and while in the witness box were cross-examined by opposing lawyers on their statements.