The Chinese Embassy's Economic and Commercial Office has lifted its blacklisting of the People’s Bank today (11).
The reason for the blacklisting that took place in October 2021was because the People’s Bank had failed to make payments for the disputedChinese fertiliser shipment.
The payment was held back because the Colombo Commercial High Court had issued an interim order against the Chinese company Seawin Biotech that allegedly shipped fertiliser containing harmful bacteria to Sri Lanka, its local agent and the People’s Bank.
Whereas, earlier this year, based on mutual understanding, an agreement was reached to pay Seawin Biotech for the rejected fertiliser, and a new shipment of fertiliser was to be imported from the same company upon testing at an overseas laboratory, namely SGS Laboratory in Switzerland, prior to acceptance of the new fertiliser shipment.
People’s Bank no longer blacklisted
11 Jan 2022
People’s Bank no longer blacklisted
11 Jan 2022
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