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Sri Lanka state oil firm lose London derivative appeal: report Vote_lcap68%Sri Lanka state oil firm lose London derivative appeal: report Vote_rcap 68% [ 178 ]
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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka state oil firm lose London derivative appeal: report

Sri Lanka state oil firm lose London derivative appeal: report

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Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

July 28, 2012 (LBO) - Sri Lanka's state-run Ceylon Petroleum Corporation has lost an appeal against a London ruling that forced it to pay up on a complex oil derivative it bought in 2008, a media report said.

"It has been reported that the order is against us," Sri Lanka's Attorney General Palitha Fernando was quoted as saying by Reuters.
"First of all we have to see what the order was, then we are looking at (the) possibilities of appealing in the House of Lords."

Court had ordered CPC to pay 162 million US dollars plus interest on an options based derivative on which the firm refused to pay. The so-called 'leveraged swap' deals were 'zero cost' in that the oil firm did not have to pay an upfront premium to purchase.

The contract, which used premiums from multiple option sales to purchase an option giving upside protection, exposed the firm to severe losses if prices fell compared to small gains if prices rose.

CPC bought oil hedges because the state manipulated energy prices. Energy price manipulation drove the country into a balance of payments crisis in 2011.
CPC won an arbitration case in Singapore against Citibank for a similar deal.
http://www.lbo.lk/fullstory.php?nid=1923808301

Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

හෙජින් ගනුදෙනුවට අදාළව ලන්ඩන්හි වාණිජ අධිකරණයක් හමුවේ ගොනුකර තිබූ ඇපෑල ලංකා ඛනිජ තෙල් සංස්ථාව පරාජයට පත්වී තිබේ.

අදාළ නඩු තීන්දුව විත්තිකාර ස්ටෑන්ඩර්ඩ් චාර්ටඩ් බැංකුවට පක්ෂව ලබාදී ඇති බව රොයිටර් පුවත් සේවය වාර්තා කරයි.

හෙජින් ගනුදෙනුවට අදාළ ඩොලර් මිලියන 162 ක් සහ පොලිය නොගෙවීම සම්බන්ධයෙන් ස්ටෑන්ඩර්ඩ් චාර්ටඩ් බැංකුව විසින් නඩුවක් ගොනුකර තිබුණි.

එහි තීන්දුව අදාළ බැංකුවට පක්ෂව ලැබී තිබූ අතර ඊට එරෙහිව ඛනිජ තෙල් සංස්ථාව විසින් මෙම ඇපෑල ගොනු කර තිබූ බව සඳහන්ය.

ඇපෑල පරාජය වීම පිළිබඳ කරුණු දැනගැනීම සඳහා අද දෙරණ, ඛනිජ තෙල් කර්මාන්ත අමාත්‍ය සුසිල් ප්‍රේමජයන්ත් මහතා සම්බන්ධ කරගැනීමට බොහෝ අවස්ථාවක් උත්සාහ කළ ද එය ව්‍යර්ථ විය.

එහෙත් අමාත්‍යවරයා රොයිටර් පුවත් සේවයට පවසා තිබුණේ මෙම නඩු තීන්දුව සම්බන්ධයෙන් නීතිපති උපදෙස් ලබාගෙන ඊට එරෙහිව යළි ඇපෑලක් ගොනු කරන බවය.

නඩු තීන්දුව විමර්ශනය කිරීමෙන් අනතුරුව යළි ඇපෑලක් ඉදිරිපත් කිරීම කෙරෙහි අවධානය යොමුකරන බව නීතිපති පාලිත ප්‍රනාන්දු මහතා උපුටා දක්වන රොයිටර් පුවත් සේවය පවසයි.
http://sinhala.adaderana.lk/news.php?nid=26123

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