Writ petition against Cabral dismissed

The writ petition filed seeking an order to prevent Ajith Nivard Cabral from functioning as the Governor of Central Bank was today dismissed by the Court of Appeal. Court of Appeal Justices Sobhitha Rajakaruna and Dhammika Ganepola observed that the petitioner has failed to establish a prima facie case. The Court of Appeal upheld the preliminary objections raised by newly appointed Central Bank Governor Ajith Nivard Cabral and Attorney General challenging the maintainability of the writ petition. Accordingly, the petition was ordered to be dismissed in limine. Former Southern Province Governor Rajith Keerthi Thennakoon had filed this writ petition naming Finance Minister Basil Rajapaksa, Central Bank Governor Cabral, 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. Both 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 the Court that this petition be dismissed in limine. However, President's Counsel Maithri Gunaratne 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 petitioner, Rajith Keerthi Thennakoon sought a Writ of Mandamus to compel the Attorney General and IGP to take legal action against Ajith Nivard Cabral considering evidence available within the Forensic Audit Report.   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 Ajith Nivard Cabral 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  with the evidence against him.   The petitioner 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 which incurred, reportedly about 10-Billion of Rupees when Greece was headed for economic ruin.

    The petitioner said according to the Section 20 of the Monetary Law, The Governor of the Central Bank is the principal representative of the bank and of the Monetary Board and the Governor should act in such capacity, in accordance with policies or rules approved or made by the Monitory Board as well as according to 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 general law of the country.