This story is available exclusively to charts.lk subscribers. Become an member and start reading now.
Lanka Coal Company (LCC) has secured 17 coal shipments by paying 30% of the total payment for each shipment as of 4th Feb. It is learned that the Indonesian supplier who initially agreed to supply coal on a six-month credit payment period is now requesting to open up of LCs for all 12 shipments at once.
As per The Sunday Morning, the Indonesian company had failed to perform due diligence with regard to the agreement between the company and LCC. Hence the LCC would not go ahead with the Indonesian supplier and plans were underway to take the necessary legal action against the supplier.