The Court of Singapore International Arbitration has ordered Rakna Arakshaka Lanka to pay Rs 840 million compensation to Avant Garde Maritime company.
The Singapore International Arbitration Center on international commercial arbitration and international litigation, has communicated its verdict toRakna Arakshaka Lanka that it should award a Rs 840 million compensation to Avant Garde.
A senior Commercial Manager Operations of Avant Garde, Nilantha Jayaweera, who worked for the company before it had been liquidated by the government as per a Cabinet decision, yesterday said the money once received would be used to compensate over 6,000 workers who had lost their jobs.
The money will be deposited in a bank account and would be used to pay monthly allowances to its former employees, he said. Former Avant Garde Chairman Nissanka Senadhipathi had also filed a case against the Sri Lanka Navy alleging that the Navy had illegally taken over his business as regards Avant Garde for which he had demanded a compensation of Rs 2,300 million, said Jayaweera.