CPC says disappointed, will appeal London verdict

The Ceylon Petroleum Corporation (CPC) yesterday vowed that it would appeal against the verdict given in the hedging case in London and insisted that it would not be deterred by action taken by Standard Chartered Bank (SCB).

Releasing a statement, the CPC said it had received permission to appeal against the Commercial Court of London order on the disputed oil derivatives transactions pertaining to the SCB.

According to the statement, the Attorney General’s Department has been assigned to handle all legal matters in connection with the case.

“The Commercial Court of London has delivered judgement in favour of the Standard Chartered Bank in the action filed against the CPC. The CPC expresses its disappointment over the judgement. The judge decided to grant permission to the CPC to appeal to the Court of Appeal. Any application by the SCB to make such permission conditional will be opposed by the CPC,” it said.