Financial Times

LMSL vacates sans Rs20 mln worth of oil

John Keells Holdings (JKH) said on Monday its subsidiary Lanka Marine Services Ltd (LMSL) vacated the oil tank premises on September 12 and handed it over to the Sri Lanka Ports Authority (SLPA) but left a stock of oil behind.

“Due to technical reasons the company was unable to remove oil stocks to the value of approximately US$184,000 (approximately Rs 20 million), remaining on the land; and in terms of the court direction the ownership of which will now accrue to the SLPA.

It said the Rs 20 million loss would add to the financial impacts quantified and announced to date. Oil stocks to the value of US$416,000 (approximately Rs 45 million) remain in the pipelines, located outside the premises. The company was asked to vacate the premises in line with a Supreme Court judgment which declared that the privatization of LMSL was irregular and improper.

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