Friday, October 5, 2012
Sri Lanka poultry firm settles 14 year case
Oct 05, 2012 (LBO) - Ceylon Grain Elevators, a unit of Singapore's Prima group with interests in poultry and feed milling said it had settled a customs case dating back to 1998 by paying 115 million rupees.
CGE said in a stock exchange filing that Sri Lanka's customs authorities had imposed a 1.19 billion rupee fine on a alleged violation in 1998 but the firm had challenged it in court.
The state has also initiated action to recover the money in a separate action.
CGE said the matter has been settled with the firm agreeing to pay 115 million rupees to customs "without conceding liability."
source - www.lbo.lk