Sri Lanka’s MTD Walkers to be sued for defaulted bonds

ECONOMYNEXT – Sri Lanka’s MTD Walkers Plc, a construction group will be taken to court over defaulted interest on bonds, trustees Bank of Ceylon said.

The case was given to the Attorney General’s Department on July 24, 2019 for legal action, Trustees said in a stock exchange filing.

In October 2015, MTD Walkers sold 3.0 billion rupees of unsecured bonds at rates of 9.75 percent and 10.25 percent.
ICRA Lanka Limited had given a domestic investment grade rating of [SL] BBB+ to MTD Walkers. The issued was managed by NDB Investment Bank Limited. (Colombo/July31/2019)