Payback

Jan. 24 (LBO) – Lanka IOC, a unit of Indian Oil Corp., picked up a Rs. 500 million cheque from the Sri Lankan government as partial payment towards its seven billion rupees subsidy claim, a top official said. Jan. 24 (LBO) – Lanka IOC, a unit of Indian Oil Corp., picked up a Rs. 500 million cheque from the Sri Lankan government as partial payment towards its seven billion rupees subsidy claim, a top official said.

“The government paid us the money last Friday, but we are still talking and hopeful we can recover the balance in the shortest possible time,” Lanka IOC’s Managing Director K Ramakrishnan told LBO Tuesday.

To date, Sri Lanka has repaid Rs. 1.2 billion to the firm for selling fuel at government controlled rates.

The partial payment comes despite Treasury Secretary P B Jayasundara last Friday disputing the hefty claim.

“Claims are disputed. I do not know why they are taking the issue to the media. Undisputed amounts are paid. I wish to take up those issues in professional forums, not in political forums,” Jayasundera told businessmen.

Controversy erupted when the Public Enterprises Reform Commission (PERC), which carried out petroleum restructuring for the government, said LIOC