Sri Lanka, Aug. 7 -- The Director General of Customs today (7) agreed to release 991 BYD vehicles currently held by Sri Lanka Customs, subject to several conditions.

This decision follows a petition filed by John Keells CG Company challenging the continued detention of the vehicles.

According to the agreement, the company must provide a state bank guarantee covering nearly Rs. 3.6 billion the calculated tax difference on the vehicles and consent to pay the applicable interest on that guarantee.

After the company accepted several of the proposed conditions, the Director General of Customs informed the court of the decision to proceed with the vehicles' release.

SRI LANKA CUSTOMS AGREES TO RELEASE DETAINED BYD VEHICLES

The Director Gen...