Financial Times

Hedging case resumes in Supreme Court

The fundamental rights case filed over the controversial oil hedging agreements entered into by the Ceylon Petroleum Corporation (CPC) will resume in the Supreme Court on Tuesday. On an application made by the petitioner who is the former PERC Chairman Nihal Sri Ameresekere, the new Secretary to the Treasury P.B. Jayasundera has been substituted as the 2nd respondent.

On the last date July 14, as had been prayed for by Mr. Ameresekere, the Supreme Court directed notices to be issued on eight persons to have their statements forwarded within two weeks. It is revealed in a motion filed in the Supreme Court by Mr. Ameresekere that five persons have filed affidavits and statements while one person had gone abroad and that to his knowledge, two persons,

Standard Chartered Bank’s (SCB’s) CEO Clive Haswell and SCB’s Head of Global Markets Rukshan Dias, have not complied with the direction of the Supreme Court. In his motion dated October 8,2009 to the Court, Mr. Ameresekere stated that claims said to be in the region of US$800 million have been made from the CPC and the government of Sri Lanka, on what he believes to be illegal contracts, and as such that this is of cognizable national economic significance and of general and public importance.


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