Question on fees for Lazard and Clifford Chance to be taken up today

Puttalam District SJB MP Niroshan Perera’s  question to Finance Minister and President Ranil Wickremesinghe, on fees, etc., pertaining to France-based Lazard and Clifford Chance LLP retained by the governmnet as financial and legal advisors, respectively, for debt restructuring, is listed to be taken up in Parliament today (18).

MP Perera has referred the question to the Minister of Finance, Economic Stabilization and National Policies, according to today’s Order Paper 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.

The question has come to the Order Paper for the second time as the government failed to respond to it when it had been raised during an earlier sitting day asking for time. (SI)

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