BOC — THE STATE BANK CASE
Relief recognised — implementation remains incomplete

BOC presents a different position.

We do not have BOC’s confirmation of our reconstructed balance, and therefore we do not present our calculation as an agreed BOC figure.

We have reconstructed the account from the records available to us, applying the relief and waiver treatment which we understand to be applicable under CBSL Circular 04/2024. That reconstruction is presented openly for BOC, CBSL or an independent reviewer to verify or correct.

There is, however, an important documentary fact.

In June 2024, BOC itself sought HNB’s consent to restructure the existing facilities and proposed a fresh Rs.40 million working-capital facility intended to support the company’s continuing operations.

That facility was subsequently not released.

The question for the independent reviewer is therefore straightforward:

IF RELIEF AND WORKING CAPITAL WERE APPROVED TO PRESERVE THE ENTERPRISE, WHAT PREVENTED IMPLEMENTATION?

Our BOC reconstruction is not offered as the final answer.

IT IS AN INVITATION TO RECONCILE, VERIFY AND COMPLETE WHAT WAS STARTED.