CPC receives permission to appeal order – statement
July 12, 2011 02:15 pm
Ceylon petroleum Corporation has received permission to appeal against the Commercial ourt of London Order on the Disputed Oil Derivatives Transactions pertaining to Standard Chartered Bank, the CPC said in a statement.
Sri Lanka’s Ceylon Petroleum Corporation (CPC) owes nearly $162 million plus interest to Standard Chartered Bank for non-payment of dues linked to hedging when the oil price hit a record level and then crashed, a London court found on Monday.
The CPC in its statement state that it expresses its disappointment over the judgment. The CPC immediately sought leave to appeal against the judgment. The Judge decided to grant permission to the CPC to appeal to the Court of Appeal. Any application by the SCB to make such permission conditional will be opposed by the CPC, the statement adds.
The Attorney Generals Department has been assigned to handle all legal matters in connection with this legal action.
