Arbitrator voids Sri Lanka oil hedge deal with Citibank
A Singapore-based international arbitrator on Monday voided an oil
hedging deal between Sri Lanka's state oil company and Citibank,
rejecting the bank's demand for $192 million plus interest in payments
it said it was owed, sources said.
"The decision has said that the entirety of the transaction is not
right and Citibank's claim has been dismissed," one of five sources
involved with the case at the International Centre for Settlement of
Investment Disputes told Reuters.
Four other sources, who were involved on both sides of the case,
confirmed the ruling. All spoke on condition of anonymity. Last Month, a
London court found Ceypetco owed nearly $162 million plus interest to
Standard Chartered Bank for non-payment of hedging dues, after oil
prices collapsed from the global highs in place when the agreement was