The Court of Appeal today reserved its order regarding the preliminary objections raised by newly appointed Central Bank Governor AjithNivard Cabral and Attorney General contesting the maintainability of the writ petition for the 3rd of November.
Former Southern Province Governor RajithKeerthi Thennakoon had filed this writ petition seeking an order preventing former State Minister Cabral from functioning as the Governor of the Central Bank.
The case, was taken up before Court of Appeal Justices Sobhitha Rajakaruna and DhammikaGanepola. The Court was told that parties have filed written submissions on the preliminary objections.
Both the Attorney General and Central Bank Governor had raised preliminary objections citing that the Court of Appeal has no jurisdiction to hear this case, since the appointment for the post of Central Bank Governor had been made by the President.
They moved Court that this petition be dismissed in limine.
However, President’s Counsel MaithriGunaratne appearing for the petitioner had submitted to the Court that the petitioner’s main concern is regarding the failure on the part of law enforcement authorities to take legal action against Ajith Nivard Cabral considering evidence available within the Forensic Audit Report.
Through his application, Rajith KeerthiThennakoon is also seeking a Writ of Mandamus to compel the Attorney General and IGP to take legal action against Ajith NivardCabral considering the evidence available within the Forensic Audit Report.
The petitioner had named Finance Minister Basil Rajapaksa, Central Bank Governor Cabraal, 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 states that according to the forensic report about 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 2005 to 2015 to the Sri Lanka Government, whilst Ajith Nivard Cabral was the head of the Central bank.
The Petitioner further states that whilst AjithNivard Cabraal is under so much scrutiny over his actions during his tenure at the CBSL for the 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 applicant further said the Cabraal is single-handedly, alleged to have made the following damages or losses to the Sri Lankan Republic and its taxpayers’ 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 loss that incurred, reportedly about 10-Billion of Rupees when Greece was heading for economic ruin.
The petitioner said according to Section 20 of the Monetary Law, The Governor of the Central Bank is the principal representative of the bank and of the Monetary the Board and such Governor should act in such capacity, under the policies or rules approved or made by the Monitory Board as well as according to the general law of the country.
The Petitioner pleads that there is sufficient evidence within the Forensic Report to establish that Ajith Nivard Cabral, being the principal officer to the Central bank has violated policies and rules approved by the Monetary Board, as well as the general law of the country.
