China slaps ban on People's Bank of Sri Lanka over dispute
(MENAFN- Colombo Gazette) China has blacklisted the People's Bank over a major dispute with Sri Lanka and has also advised Chinese companies not to do business with the bank.
The ban follows a dispute over contaminated fertilizer which Sri Lanka refused to accept from a Chinese company.
The Sri Lankan Government has refused to pay for the fertilizer until a fresh stock is shipped to the country.
The Economic and Commercial Office of the Embassy of the People's Republic of China in Sri Lanka said it has backlisted the People's Bank of Sri Lanka for defaulting on payments according to the Letter of Credit (L/C) and the contacts between two parties.
China accused the People's Bank of Sri Lanka of causing huge losses to Chinese enterprises in international trade with Sri Lanka.
“The Office solemnly reminds all Chinese enterprises to strengthen risk control and avoid accepting L/C issued by People's Bank of Sri Lanka in international trade with Sri Lanka,” the Chinese Embassy said.
The decision has also been submitted to the Ministry of Commerce of China. (Colombo Gazette)
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