Business Times

SCB’s hedging case judgment likely in May/June

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.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
Sri Lanka’s biggest investment zone at Hambantota
US jury shown two faces of Rajaratnam in closing words
Six firms to borrow abroad under CB initiative
Opposition mounts over controversial pension scheme for private sector
Hilton dispute continues
SCB’s hedging case judgment likely in May/June
Comment - Hambantota EPZ needs further study
More regulation on employment?
Perfecting a cheaper, automated water discharge system in male toilets
Dialog claims first 'A+ GRI-checked'Sustainability Report in SL
New appointments at CDB Board
Walkers acquires marine firm Colombo Engineering Services
Aitken Spence Hotels ‘helping planet’ and ‘people in partnership’ with atmosfair Germany
Australia increases aid to Sri Lanka
Vietnam sets target of $100 mln for two -way trade with Sri Lanka
Over Rs.6 bln disbursed by govt. to spur agriculture, business in the North-East
GreenField offers sustainable solution for coconut shortage
Data 'generally'duplicated and ill handled, storage wasted
Moratuwa, UCSC, Peradeniya, SLIIT and IIT through to Imagine Cup 2011 SL Final
Dankotuwa Porcelain introduces new ‘fine china’ body to international market
CB raises reserve ratios of banks to curb inflation
Banking sector NPLs to remain same as borrower repayment elevates
Sunday Times Biz Club on running an efficient business
Brandix pays tribute to outstanding associates
Can you value this thing?
Medical tourism on the increase
Dollar shortage in Male hurts Lankan-owned properties
Fuel supply at Lanka IOC's Trincomalee unit records a high of 260 mln litres
Sri Lanka keen on trading centre in Baghdad
HNB purchase in NDB stock puzzles market
HSBC to start new branch in Galle; set to capitalise on peace
New Intel, MOE agreement to extend skool.net into Sinhala
Airtel urges mobile operators to “collaborate”
Air pollution levels high in Colombo

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution