Misselling allegations dismissed as High Court holds the line

In a further decision dealing with issues of alleged misselling of financial products - Standard Chartered Bank v Ceylon Petroleum Corporation  - Mr Justice Hamblen gave judgment for Standard Chartered Bank (“SCB”) for recovery of US$161 million (plus interest and costs) from the Sri Lankan state owned oil company, Ceylon Petroleum Corporation (“CPC”). 

As well as rejecting CPC’s counterclaims alleging breach of duty and negligence, Hamblen J dismissed defences based on alleged lack of capacity and authority as well as illegality under Sri Lankan law.

For more information on the court's decision, click here.

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