10 November 2021 09:50 am Views - 193
Sri Lanka will have to pay US $ 8 million to the Chinese company -Qingdao Seawin Biotech Group Co Ltd. according to the terms agreed by the Banks when opening Letter of Credit (LC), National Peoples’ Power (NPP) MP Vijitha Herath said yesterday.
He told Parliament that according to a letter sent by the People’s Bank to the Ceylon Fertiliser Company Ltd on November 2, the People’s Bank was bound to pay US $ 8 million to the Chinese Company.
He said the People’s Bank had informed the Ceylon Fertiliser Company Ltd. that the Bank was bound to pay the said amount according to the Article 4 of the Uniform Customs & Practice for Documentary Credits (UCP 600) soon after the Court Order was revoked.
The MP said the hard-earned money of the innocent farmers had to be paid just because of the Government’s ignorant decisions.
“ The farmers in the country are in distress without fertiliser. However, funds of the innocent farmers will have to be paid to the Chinese Company due to the Government’s ignorant and wrong decision even without receiving the stock of fertiliser for their crops,” he said.