People’s Bank removed from China’s blacklist

People’s Bank said yesterday its name has been removed from the blacklist of China. 

It said the move was informed by the Economic and Commercial Counsellor of the Embassy of the People’s Republic of China in Sri Lanka.

The bank had gotten into the backlist initially over the failure to honour payment in connection to $ 6.8 million worth of fertiliser consignment rejected by the Government of Sri Lanka. 

People’s Bank paid Qingdao Seawin Biotech Group $ 6.87 million in connection with an out-of-court settlement over the shipment.

The settlement also came ahead of a visit to Sri Lanka by Chinese Foreign Minister Wang Yi on Saturday.