brand logo

US bondholder which sued SL “fully supported” Cabraal

22 Jun 2022

Hamilton Reserve Bank, the institution which sued Sri Lanka in a New York federal court seeking full payment of principal and interest over more than $250 million of Sri Lanka’s 5.875% International Sovereign Bonds due July 25 which it holds, expressed that it “fully supported” former Central Bank Governor Ajith Nivard Cabraal. “Hamilton Reserve Bank expands into Sri Lanka, fully supports Central Bank of Sri Lanka Governor Ajith Nivard Cabraal, signing up 5 new multi currency correspondent banks for HRB clients,” the institution had expressed in a tweet when it first moved into Sri Lanka. Hamilton Reserve, based in St. Kitts & Nevis, said in the lawsuit that the default is being “orchestrated by officials at the highest levels of government,” including the ruling Rajapaksa family, and accused Sri Lanka of excluding bonds held by domestic banks and other interested parties from an announced debt restructuring. “As a result, these favored Sri Lankan parties stand to be paid principal and interest in full, while the Bonds — which are also broadly held by US retirement systems including Fidelity Investments, BlackRock, T. Rowe Price, Lord Abbett, JPMorgan, PIMCO, Neuberger Berman and other US investors — remain indefinitely in default and unpaid, causing American retirees tremendous suffering from potentially massive losses of up to 80% of their original investment value,” lawyers for Hamilton Reserve said in their complaint.


More News..