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LCC scrambling to find dollars to avert arbitration
View(s):Amidst a dire foreign exchange shortage, Lanka Coal Company (Pvt) Ltd (LCC) is scrambling to find US dollars to settle the payments for six shipments from the Swiss Singapore Overseas Enterprise (Pte) Ltd to avert facing costly arbitration, officials said.
Swiss Singapore was owed US$ 94mn by LCC. The six shipments of coal have already been used up under terms introduced in 2019 that allowed LCC to pay for them later. To avert a dispute, a sum of US$ 9.6mn was released after Nandalal Weerasinghe took over as the Central Bank Governor on Friday.
Meanwhile, LCC will offer a Treasury guarantee for two incoming shipments from SUEK AG–Russia’s largest coal supplier. The stocks are on the way now, with the seller having dispatched the vessels before letters of credit were opened. The purchase is an index-based spot tender, as opposed to a fixed-price, at the rate of US$ 285 for a tonne.
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