China’s Qingdao Seawin Biotech Group has not delivered the promised fertilizer shipment even after a year.

The loss is around more than US$ 6.87mn or Rs 2.4bn as reported by Namini wijedasa for Sunday times.

Sri Lankan officials also failed to redeem two performance bonds of US$ 4.4mn provided by Qingdao Seawind that could have cushioned some of the losses arising from the controversial deal, the National Audit Office pointed out in a special report.

Performance bonds are securities against the non-fulfillment of contracts.  Qingdao’s bonds expired in March.

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