A Chinese fertilizer company has been compensated USD 6.9 million by Sri Lanka’s People’s Bank for losses brought about by the rejection of two of its shipments by Sri The decision was made after the Colombo Commercial High Court dissolved the enjoining order that prohibited payment on Letters of Credit to Qingdao Seawin Biotech Group Co., Ltd.
On Monday (03 January), the enjoining order in question was dismissed as all parties had agreed for a settlement to ship a new stock of standardized fertilizer despite two previous shipments being rejected by Sri Lanka.
