CA quashes charges against Ravi in two CB bond cases

By Lakmal Sooriyagoda 

The Court of Appeal yesterday issued a  writ of certiorari quashing the charges against former Finance Minister  Ravi Karunanayake in connection with two cases filed in Colombo High  Court over Central Bank bond issuance.  

Court of Appeal two-judge-bench comprising Justices  Sobhitha Rajakaruna and Dhammika Ganepola made this order consequent to  the writ petitions filed by former Finance Minister Ravi Karunanayake  challenging the Attorney General’s decision to file indictment over  Central Bank bond issuance.  

In his petition, the former Minister was challenging the  decision made by the Attorney General to indict him at the Colombo High  Court in connection with the second Central Bank bond issue that took place  in March 29 and March 31, 2016.   

Karunanayake had named the Attorney General, the Registrar  of Colombo High Court, the Member of the Commission of Inquiry and  several others as respondents in the petition.   

The petitioner states the report of the Commission of  Inquiry has alleged that he chaired a meeting held at the Ministry of  Finance on March 28, 2016 attended by representatives of three State  Banks and other officials.  

Karunanayake states that although he was a Minister of  Finance, neither the Central Bank of Sri Lanka nor the State Banks came  under his purview. He said the Central Bank of Sri Lanka was at that  time a subject gazetted under then Prime Minister Ranil Wickremesinghe  and three State Banks were gazetted as a subject under the Ministry of  State Enterprises under Kabir Hashim.   

The petitioner said he could neither give legally binding  instructions to the three State Banks nor provide legally binding  assurances on behalf of the Central Bank of Sri Lanka as alleged in the  conclusions of the Commission of Inquiry. Karunanayake said the  Commission of Inquiry has failed to consider the legal position. He  further said the decision made by the Commission of Inquiry to the  effect that the Petitioner issued “instructions” to State Banks and  “assurances” on behalf of the Central Bank of Sri Lanka at the alleged  meeting held on March 28, 2016 is an abuse of powers.  

He further said the decision made by the Attorney General  to indict him or exhibit information against him on the basis that he  issued “instructions” to State Banks and “assurances” on behalf of the  Central Bank of Sri Lanka at the alleged meeting held on March 28, 2016  is ultra vires.   

President’s Counsel Faisz Musthapha, Razick Zarook PC,  Shavindra Fernando PC, Counsel Faisza Musthapha Markar, Zainab Markar  Hasheem, Keerthi Tillekaratne, Riad Ameen, Zamzam Ismail and Rumesh  Perera instructed by Dilini Gamage and Sanjeewa Kaluarachchi appeared  for former Minister Ravi Karunanayake. Additional Solicitor General  Priyantha Nawana PC appeared for the Attorney General.