The Economic and Commercial Office of the Chinese Embassy in Colombo has removed People’s Bank from the Black List. The decision was taken due to the payment of dues for organic fertilizer imported from a Chinese company.
According to the agreement reached between the Chinese company and Sri Lanka, the stock of fertilizer was rejected but the payment had to be made, however, the payment was suspended on a court order.
In this situation, the Chinese embassy took action to blacklist the People’s Bank.
However, following an agreement between the two parties, the court order was suspended and the People’s Bank released the dollars for the relevant payments. People’s Bank has been removed from the Black list accordingly.
Samples tested confirmed that the fertilizers imported from China contained harmful bacteria in the soil and the fertilizer stock was returned. However, Sri Lanka a had to pay $ 6.9 million for fertilizer imports.