The Colombo Commercial High Court today (03) lifted the enjoining order issued against Qingdao Seawin Biotech Group Co. Ltd, the company owning the fertiliser ship recently brought to light, its local agent and the People’s Bank, following a motion submitted by the parties involved to settle the case.
Accordingly, High Court Judge Pradeep Hettiarachchi settled the case and also quashed the order restraining the payments.
The plaintiff company has agreed to pay US $6.7 million for the supply of quality fertiliser in compliance with the terms of the settlement. Lawyers appearing for the Chinese company stated that they would agree to confiscate the Chinese company’s deposit if it did not provide quality fertiliser.
The plaintiff has the right to reject if quality fertiliser is not provided, according to the terms of the settlement.
MIAP