BoC requests HSBC Singapore to withdraw LC’s opened to import luxury vehicles

June 16, 2021

The Bank of Ceylon (BOC) has requested the Hong Kong and Shanghai Banking Corporation (HSBC) in Singapore to withdraw the Letters Of Credit (LCs) opened in April to import 399 vehicles including 228 luxury SUVs. The Letters of Credit were effective until the 30th of May and were opened by the Development Banking Division of the Bank at arequest made by the Finance Ministry. On the 05th of May, a cabinet paper was approved by the Ministers to import 399 vehicles at a cost of Rs. 3.7 Billion, under a leasing facility offered by the Bank of Ceylon. However, after protests by many political parties the Cabinet decided to reverse the decision. MinisterMahinda Amaraweera said the new entrants to Parliament have made a request to the Speaker which was forwarded to the government. He admitted that the economy is not doing too well and wanted everybody to contribute for the upliftment of the domestic economy.

BoC requests HSBC Singapore to withdraw LC’s opened to import luxury vehicles

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