SJB asks for costs, other information about retaining international firms to give financial and legal advice on debt restructuring

Puttalam District SJB MP Niroshan Perera has asked Finance Minister, President Ranil Wickremesinghe, to reveal fee structure and other details pertaining to the government retaining France-based Lazard as financial advisor and Clifford Chance LLP as legal advisor to support the country on debt restructuring.

MP Perera has referred the question to the Minister of Finance, Economic Stabilization and National Policies and the question is currently listed to be answered on May 08, according to the latest Addendum to the Order Book of Parliament.

The MP calls on Minister of Finance to inform the House whether the Government of Sri Lanka has entered into an agreement to obtain financial consultancy services from M/S Lazards-France company; if so, of the primary obligations of the above company as per the said agreement; and of the amount of money to be paid by the Government of Sri Lanka in terms of the above agreement and the amount paid so far separately in Sri Lankan Rupees and US Dollars.

The MP also demands the Minister of Finance to inform the House whether the Government has entered into an agreement to procure legal consultancy services from M/S Clifford Chance LLP Company; of the primary obligations of the above company as per the said agreement; and of the amount of money to be paid by the Government of Sri Lanka in terms of the above agreement and the amount paid so far separately in Sri Lanka Rupees and US Dollars, and to give reasons to Parliament if not why.

According to Treasury sources the Cabinet of Ministers, at its meeting held on 23 May, 2022, granted approval to award the contract of Legal Advisor to M/s. Clifford Chance LLP to award the contract of Financial Advisor to M/s. Lazard, France for Restructuring of the External Public Debt.  The cabinet has approved a proposal by the then President Gotabaya Rajapaksa to appoint the two.(SI)