Citibank ordered to pay $ 2.5 m to CPC

Ishara MUDUGAMUWA

The Singapore Arbitration Panel has ordered payment of US $ 2.5 million to Ceylon Petroleum Corporation (CPC) as court fee spent by CPC for the arbitration held at the Singapore Arbitration Panel with Citibank regarding the hedging case, Petroleum Minister Susil Premajayantha said.

"CPC will receive around Rs 287,500,000. Citibank filed a case at the Singapore Arbitration Centre against the CPC demanding US US$ 192 million and interest payments regarding the hedging deal," the minister said. He said that the verdict was issued by the Singapore Arbitration Panel recently. CPC is not bound to pay US $ 192 million and its interest to Citibank.