People’s Bank honours LC obligation of US$ 6.8 mln to Quindao Seawin Biotech Group Company

News

The People’s Bank on Friday effected the Letters of Credit payments of US$ 6,873,975 in favour of Quindao Seawin Biotech Group Company Limited pertaining to the importation of organic fertiliser by Ceylon Fertilizer Company Limited and Colombo Commercial Fertilizer (Pvt) Limited.

The enjoining orders issued by the Colombo Commercial High Courts precluding People’s Bank from processing the aforementioned payments were dissolved on January 3, 2022, the bank said in a media release.

The consignment was not accepted by the Agriculture Ministry as its samples had impurities.

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