Blacklisting of People’s Bank: Basil says he was “not informed”

Finance Minister Basil Rajapaksa has said that he was “not informed” about the recent blacklisting of the People’s Bank.

He expressed the same while responding to a question by a journalist who asked him what he thought about the move as the Finance Minister.

This question was posed to the Finance Minister after he had visited the Sri Dalada Maligawa in Kandy yesterday (30) to offer prayers and receive blessings before the submission of the 2022 budget.

The People’s Bank of Sri Lanka was recently blacklisted by the Chinese Embassy’s Economic and Commercial office.

“Recently, People’s Bank of Sri Lanka has witnessed a vicious event of L/C default, causing huge losses to Chinese enterprises in international trade with Sri Lanka. This bank now has been blacklisted by the Economic and Commercial Office of the Chinese Embassy in Sri Lanka,” an official statement said.

The Office solemnly reminded all Chinese enterprises to strengthen risk control and avoid accepting L/C issued by People’s Bank of Sri Lanka in international trade with Sri Lanka.

Responding to this, the People’s Bank of Sri Lanka said that payments were halted due to an interim injunction issued by Courts.

The Bank further stated that action on payments will be taken based on future court decisions.