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Bunker Losses

Sept 15, 2008 (LBO) - Sri Lanka's John Keells Holdings says its bunkering unit lost 20 million rupees (184,000 US dollars), because it was unable to remove all oil stocks by a court deadline of September 12, after it was ordered to vacate a tank farm.
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The company said oil stocks valued 45 million rupees (416,000 US dollars), belonging to its bunkering unit, Lanka Marine Services (LMS), remained in pipelines which were outside the tank farm premises.

Sri Lanka Supreme Court which ordered (LMS) to return the land with the tank farm saying its transfer was illegal and a privatization of the firm was flawed.

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LMS has also been asked to deposit 153 million rupees as severance pay to workers following the court order.


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