Jan 07, 2022

People's Bank pays US$ 6.9m to Qingdao Seawin Biotech

The People’s Bank today 07) paid USD 6.9 million to the Chinese company - Qingdao Seawin Biotech Group Co., Ltd.

The much-disputed consignment of organic fertilizer to Sri Lanka had caused much controversy of late.

The payment came after the Colombo Commercial High Court dissolved the enjoining order preventing the payment on Letter of Credit to China-based Qingdao Seawin Biotech Group Co., Ltd.

On January 03, the enjoining order in question was dismissed as all parties had agreed for a settlement to ship a new stock of standardized fertilizer.