CHATURANGA PRADEEP SAMARAWICKRAMA Reply To:
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CPC to appeal against hedging order
The Ceylon Petroleum Corporation (CPC) today said it would appeal against the order of the Commercial Court of London on the disputed oil derivatives transactions pertaining to Standard Chartered Bank.
Aggrieved over the judgment, the CPC had sought leave to appeal against the judgment and the Judge in the London Court had decided to grant permission to the CPC to appeal to the Court of Appeal, the CPC in a statement said.
It further said the Attorney General’s Department was to handle the appeal against the order.
However when contacted, the former Chief Justice Sarath N. Silva on the possibility of winning an appeal against the order of the Commercial Court said that it was unlikely that the order of a commercial court would be overruled in an appeal.
He said to overrule an order like this there should be a strong legal stand. On Monday July 11, the London Commercial High Court in a 140-page judgment awarded to Standard Chartered Bank (SCB) US $ 162 together with interest when it found that CPC had lost the case in all counts.
The SCB part of the consortium of banks with which the CPC hedged oil, filed this case early this year claiming for an estimated $ 162 million held back by the Government after the latter suspended the scheme.
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