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Tue, 21 October 2014 12:41:17
Sri Lanka Supreme Court makes fresh orders on oil derivative case
15 Dec, 2008 18:05:01
Dec 15, 2008 (LBO) – Sri Lanka's Supreme Court barred a senior official from a state-run petroleum retailer over a case involving derivative deals and said the country's central bank has to probe and solve the case.

Supreme Court asked the central bank to file a preliminary probe report brought to court Monday, with the court registrar under sealed cover after first questioning why a report was brought to court.

Court ruled that the General Manager-Finance of Ceylon Petroleum Corporation, Lalith Karunaratne should keep away from the corporation, after a petitioner said documents on the hedging deals were endangered due to his continued presence.

CPC's chairman was suspended earlier, by Chief Justice Sarath Silva.

Court also asked the central bank to impound documents relating to the foreign travel of public officials paid for by the Standard Chartered Bank which a petitioner said was kept at the bank, but was in danger of being lost.

On November 28, the Supreme Court suspended payments on a series of oil derivatives sold to state-run Ceylon Petroleum by Citibank, Standard Chartered, Deutsche Bank, and two local banks, Peoples' Bank and Commercial Bank.
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READER COMMENT(S)
1. Gnana Dec 17
Hope the Supreme Courts also fix a lower price for bulk fuels supplied to the Ceylon Electricity Board as Electricity is an essential commodity for the Industry. T

his will help CEB's financial position and help them to invest more funds on Transmission and Distribution systems to reduce the high losses in the system which will further benefit the country.

Hope the Ministry of Power and Energy which is in charge of Power will do the needful in negotiating a better price for fuel for Power generation on there own before an order from the Supreme courts.