By Lakmal Sooriyagoda   

The Court of Appeal yesterday reserved for November 3 to deliver its order regarding the preliminary objections raised by newly appointed Central Bank Governor Ajith Nivard Cabraal and Attorney General challenging the maintainability of the writ petition.  

Former Southern Province Governor Rajith Keerthi Tennakoon had filed this writ petition seeking an order preventing former State Minister Cabraal from functioning as the Governor of the Central Bank.   

The petition was called before Court of Appeal Justices Sobhitha Rajakaruna and Dhammika Ganepola and court was informed that the parties have filed written submissions pertaining to 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 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 Cabraal considering evidence available within the Forensic Audit Report.  

Through his petitioner, Rajith Keerthi Tennakoon 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, Central Bank Governor Cabraal, Secretary to the President P. B. Jayasundara, 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 Cabraal was the head of the Central bank.   The Petitioner further states that whilst Ajith Nivard 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 petitioner further said that 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.  

President’s Counsel Maithri Gunaratne appeared for the petitioner. President’s Counsel Romesh de Silva with Palitha Kumarasiri and counsel Niran Anketell under the instructions of Attorney-at-law Sanath Wijewardane appeared for the Governor and Deputy Governor of Central Bank. Additional Solicitor General Nerin Pulle appeared for the Attorney General. 

• 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 Cabraal was the head of the Central bank
• The petitioner’s main concern is regarding the failure on the part of  law enforcement authorities to take legal action against Ajith Nivard Cabraal