The Ceylon Petroleum Corporation (CPC) is in the process of appealing the judgment of the Court of Appeal in London to the Supreme Court, according to CPC Managing Director Susantha Silva.
The CPC is working through the Attorney General in this regard, an official said.
This follows CPC losing the appeal it filed in the Court of Appeal in relation to the claim made by Standard Chartered Bank (SCB) amounting to USD 164 million plus interest arising from derivative transaction between SCB and PCB.
Last year, CPC won the arbitration filed by the City Bank against it claiming USD 194 million plus interest on a directive transaction entered into between CPC and City Bank. CPC was also awarded costs of the arbitration proceedings amounting to USD 2.5 million. (IN)