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| Monday, 26 January 2004 |
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The Arbitration Tribunal consisting of Former Chief Justice Parinda Ranasinghe, Chairman, retired Supreme Court Judge, Justice J. F. A. Soza and President's Counsel Srinath M. Perera recently made an award in favour of businessman Kiran Atapattu who was the respondent in a matter referred to the Arbitration Tribunal by the Hatton National Bank, who was the Claimant. Claimant, Hatton National Bank, Colombo 10 cited Kiran Atapattu of Colombo 7 as respondent. Respondent Kiran Atapattu's Senior Counsel Harsha Amarasekera submitted that, he had imported some electronic equipment from USA and had obtained a lease facility for the items from the Hatton National Bank. As per the terms of agreement it was the liability and obligation of the Bank to obtain the insurance policy and insure the electronic items. In July 1998, the goods caught fire and the dispute was referred to the Arbitration Tribunal. The Senior Counsel for Atapattu, further submitted even after the goods were destroyed in July 1998, the Bank had not informed his client, that they had not insured the goods. It was revealed only during the cross-examination of respondent Atapattu, who told the Tribunal that the obligation of obtaining the insurance policy was by the Bank and the Bank had not done so even after collecting the insurance premium from the respondent. At the conclusion of the evidence the Arbitration Tribunal awarded respondent Kiran Atapattu a sum of Rs.3,340,099.00 as the capital and legal interest from July 5, 1998. |
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