News

Hamilton Reserve Bank serves Summons to SL Ambassador to UN

Sri Lanka’s Ambassador to the United Nations Mohan Peiris has been served with a court summons over a lawsuit filed by the Hamilton Reserve Bank.

The Hamilton Reserve Bank, on Tuesday, sued Sri Lanka in the U.S. District Court in Manhattan over the country’s alleged default on a $1 billion sovereign bond maturing next month.

Hamilton Reserve Bank Ltd demanded immediate payment of $257.5 million of principal plus interest, saying Sri Lanka had stopped servicing its sovereign debt and missed payments on two other bonds, causing a cross-default.