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Chinese Organic Fertilizer: Court lifts enjoining order preventing payment

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COLOMBO (News 1st): The Colombo Commercial High Court on Monday (3) lifted the enjoining order issued against Qingdao Seawin Biotech Group Co., Ltd, its local agent and People’s Bank.Sri Lanka’s Fertilizer companies informed the court that they have reached a settlement with regard to the controversial Chinese Organic Fertilizer shipment.The motions were filed by Colombo Commercial Fertilizer and Ceylon Fertilizer Corporation.The terms that the plaintiff companies and the defendants, namely Qingdao Seawin Biotech Group Co., Ltd, its local agent, and People’s Bank, have agreed to for the settlement are as follows.1.

People’s Bank would release 75% of the consignment value to Qingdao Seawin Biotech Group Co., Ltd in terms of the Letter of.

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