LNP – Appointment of Cabraal as Governor of Central Bank challenged in Court of Appeal

A writ petition was today filed in Court of Appeal seeking an order preventing Ajith Nivard Cabraal from functioning as the Governor of Central Bank.

The petitioner, former Governor of Southern and Central Province Rajith Keerthi Thennakoon is also seeking a Writ of Mandamus to compel the Attorney General and IGP to take legal action against Ajith Nivard Cabraal considering evidence available within the Forensic Audit Report.

The petitioner had named Finance Minister Basil Rajapaksa, Secretary to the President P. B. Jayasundare, Inspector General of Police, Central Bank Deputy Governor T. M. J. Y. P. Fernando and Attorney General as respondents.

The petitioner stated that the Presidential Committee Report of 2017 (Bond issuance) made recommendations to then President to appoint a team of experts to conduct a forensic audit affair of the Central Bank on issuance of Treasury bonds and inquiry pertaining to the irregularities occurred within the Central Bank on a designated period. This responsibility was assigned to the Central Bank and the Monitory board of the Central Bank.

The petitioner states that according to the forensic Report pertaining to the review period of (“1 January 2002 to 28 February 2015”) calculated that the Central bank of Sri Lanka had incurred losses between Rs. 10.4 – 10.6 Billion from year 2005 to 2015 to the Sri Lanka Government, whilst Ajith Nivard Cabral was the head of the Central bank.

The petitioner is of the view that the aforesaid Special Presidential Commission Report and the aforesaid Forensic Report are now a public document and the Attorney General and IGP should presume its existence and they are legally bounds to act upon on the recommendations made by the Presidential Commission report and the findings of the forensic report.

The petitioner said the incumbent President and the new government inducted on 2020 February after the Presidential elections and the Parliamentary elections in 2019 August, promised through its election manifesto to take necessary legal actions against the suspects who alleged to have committed financial swindling as per the revelations made by the said two reports.

The Petitioner further states that, whilst Ajith Nivard Cabral is under so much scrutiny over his own actions during his tenure at the CBSL for the time period from 2006 to 2015, in the event he being appointed as the Governor of Central Bank, the latter shall tamper the evidence against him.

The petitioner further said the Cabral is single handedly alleged to have made the following damages or losses to the Sri Lankan Republic and its tax payers’ money.

  1. Entering into hedging deal. According to reports, the Sri Lankan Government had reportedly lost over $ 200 million of rupees due to this infamous agreement.
  2. Greek Bond lose which incurred, reportedly about 10-Billion of Rupees when Greece was headed for an economic ruin.

One thought on “LNP – Appointment of Cabraal as Governor of Central Bank challenged in Court of Appeal

  • September 15, 2021 at 12:55 pm

    How about paying some guy in the USA to promote the country’s image a large amount of USD without any exchange control approval.


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