People’s Bank has settled US $ 6.7 million to Chinese Fertilizer Company which imported pathogenic organic fertilizer bank sources said.
The Chinese company had imposed a condition with the drafted settlement agreement that the sum should be paid on 056th January. The Government of Sri Lanka paid this compensation to alleviate the crisis caused by the Chinese company due to the substandard stock of fertilizer containing pathogenic bacteria.
After 70 days at sea around Sri Lanka, the Chinese ship sailed to Singapore for an international settlement and the plaintiffs’ state fertilizer companies withdrew their case two days ago to lift the enjoining order imposed by the Colombo Commercial High Court suspending payment for the consignment of fertilizer.
