* If failed to pay, the agreement is over!
- Needs a joint statement saying Chinese fertilizer returned not because pathogenic issue but an import license issue!
China’s Quingdao Seawin Biotech Fertilizer Company, which imported a consignment of pathogenic organic fertilizer, has demanded 75 percent of the fertilizer stock, or $ 6.7 million, must be paid before the day after tomorrow (January 6) .The company has mention this in the settlement agreement prepared by the Attorney General and amended by the chinese firm, reliable sources told Lankasara. These sources further said that the Chinese company had informed the Sri Lankan government in red letters that the relevant agreement would be terminated if this condition was violated.
It is noteworthy that the company has imposed these conditions in the context of the Chinese Foreign Minister’s official visit to Sri Lanka. According to the agreement, the Commercial Fertilizer Company, a state-owned fertilizer company that imported the fertilizer, should withdraw the interim injunction imposed on the People’s Bank on two letters of credit issued to the Chinese Fertilizer Company. Accordingly, the companies withdrew the enjoining order from the court yesterday and the General Manager of the People’s Bank had recently stated that the money would have to be paid in accordance with the import conditions applicable to the letter of credit.
The preliminary draft of the agreement with Quingdao Seawin Biotech was drafted by the Attorney General, who then sent the company the relevant amendments, stating that the company had agreed to pay the $ 6.75 million immediately before January 6.
The agreement also stipulates that the next batch of fertilizer from the same company be imported back to Sri Lanka in lieu of the rejected stock of fertilizer. That a joint statement agreed upon by itself should be issued
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