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SC holds W.D.Lakshman, Cabraal, S.R. Atygalle, Kumarasinghe violated public trust

17 November 2023 09:28 am - 40     - {{hitsCtrl.values.hits}}


COLOMBO (Daily Mirror) - While holding the guilty persons’ liable and naming them, including one member of the Monetary Board, the Supreme Court in its recent judgment regarding two fundamental rights petitions filed over economic crisis, decided not to make any adverse decisions or orders against two Monetary Board members President’s Counsel Dr. Sanjeeva Jayawardena and Dr. Ranee Jayamaha.

The Supreme Court in its recent judgment regarding two fundamental rights petitions filed over economic crisis, has decided not to make any adverse decisions or orders against two Monetary Board members President’s Counsel Sanjeeva Jayawardena and Dr. Ranee Jayamaha. 

Instead, the Supreme Court, by its majority decision held that former Central Bank Governors Prof. W.D. Lakshman, Ajith Nivard Cabraal, former Treasury Secretary S.R. Atygalle and Monetary Board member Samantha Kumarasinghe had violated the public trust.

At the forefront of the judgment of the Supreme Court, the Court has clearly stated that Leave to Proceed was not granted against Sanjeeva Jayawardena, P.C and Dr. Ranee Jayamaha, the Members of the Monetary Board. 

At the end of the judgment as well, the Court identifies the exact parties against whom adverse declarations and orders are made and one appointed member of the monetary Board, Samantha Kumarasinghe has been made liable, and the Court has not made any adverse decisions or orders against Sanjeeva Jayawardena PC and Dr. Ranee Jayamaha. 

In their judgment, the Supreme Court had quoted extensively from the oral submissions made by Sanjeeva Jayawardena PC, including how the 600 billion of taxes had resulted in massive impairment to domestic revenue mobilisation and Treasury operations and in downgrading of sovereign ratings and bank ratings and preventing access to foreign capital markets and aggravating the Balance of Payments Crisis.

The Supreme Court also notes that the minority on the Monetary Board, being Sanjeeva Jayawardena PC and Dr.Jayamaha, had agitated the importance of imposing meaningful exporter conversions, restrictions on non-essential imports, 150 percent LC margins, in order to prevent dollar leakages as well as an urgent IMF programme, and the dire situation of the foreign reserves not permitting the Central Bank to use its reserves to defend the exchange rate.

The judgment makes specific reference to the revelations made by Sanjeeva Jayawardena that on 6th April 2022, pursuant to the Parliamentary Committee on Public Finance, how one of the members of the said Committee, urgently requested Sanjeeva Jayawardena to have a one-on-one meeting to fully brief the then President Gotabaya Rajapaksa of the actual, critical situation of the reserves. The judgment states that in preparation for this meeting, Jayawardena had obtained statistics with regard to foreign reserves and the inflows expected and the outflows that would be imminent, due to the upcoming debt service deadlines and the expected further decline of the reserves and the need for an IMF anchor. The judgment goes on to refer to Jayawardena’s important revelation that the original letter that the then President had sent to the IMF on 18th March 2022, was ambiguous and no request had been made in that letter for a full EFF programme and was cryptic, and that hence, mixed messages were being sensed by the IMF. The judgment states that at the meeting, Jayawardena had fully briefed the President on all aspects and had informed him that that there is no other option for the country, but to secure a fully-fledged Fund Supported Programme from the IMF.

The judgment explicitly notes that on the suggestion of Jayawardena, the President had agreed to send a completely fresh communication to the IMF, requesting a full IMF programme.

Accordingly, on 7th April 2022, the letter facilitated by Jayawardena, had been signed by the then President, seeking a full IMF Fund programme, and sent to the IMF and on the following day, a follow on letter was sent to the IMF by the new Governor, thereby facilitating and paving the way for the GOSL to formally announce the broad debt standstill on 12th April 2022. The Court has also found that the Monetary Board External Debt Monitoring Committee, Chaired by Dr. Sanjeeva Jayawardena and Vice- Chaired by Dr.Ranee Jayamaha, had made a very critical contribution and had made numerous, strong recommendations and it had repeatedly highlighted the urgent need for an IMF programme, in order to prevent a disorderly sovereign default and BOP crisis, and preserving gross official reserves and exchange rate stability, through a credible, multilateral anchor.

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  Comments - 40

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  • Ah Friday, 17 November 2023 10:00 AM

    What Is the next step? We eager and affected citizens awaiting SC ruling on compensation. Please dont delay. Country suffering so are poor citizens

    Steve Friday, 17 November 2023 10:15 AM

    Any punishments for violating public trust according to the constitution? Otherwise this will happen again in the future.

    Premalal Perera Friday, 17 November 2023 10:32 AM

    The Sri Lanka rupee was artificially pegged to the USD at Rs 200. At the same time the CENTRAL BANK went on a printing spree of SLR. It would certainly be interesting to ascertain how much foreign reserves were transacted at this ridiculous rate and who did it.

    RAvip Friday, 17 November 2023 01:54 PM

    Oh Samantha, The ' Natures Secret ' man . We now know the secret

    Gune Friday, 17 November 2023 10:36 AM

    As usual, court judgements in SL are just judgements, no results. Has anyone wondered what happened to the $100 million owed by Sirisena? When is he going to pay it off? Shouldn't he be jailed?. What about the harsh justice netted out to the poor person who steals a coconut?

    Mahila Monday, 20 November 2023 03:10 AM

    Gune, If my memory serves me right, the SC fined ex-Grama Sevaka Sorry Sena, mere pittance of Rs. 100 Million and NOT USD 100 Million!!!??? If latter is correct, he would have died of a Heart attack by now!!??? Saving us lot of attendant grief and continued agony of his wailing!!!???

    Shamil Sad Friday, 17 November 2023 10:38 AM

    What is next after conviction? Impound all their belongings locally and internationally. Stop any benefits including pension etc to these crooks. I don't understand why we supply luxury homes to Rajapaksha cronies at tax payers expenses.

    Gunapla Friday, 17 November 2023 04:06 PM

    What will be the next? Rajapak and gung trying to find the way to escape from this court judgement. Therefore it's duty of the SC give the correct guidance to what will be the next*

    Punchi Friday, 17 November 2023 11:07 AM

    Is this throwing some meat or sacrificial lambs to the ravenous IMF and some international bodies to appease them or is it deceive them to keep obtaining benefits from them

    Time to recover the stolen money Friday, 17 November 2023 11:45 AM

    The citizens should file a class action against these perpetrators including the rajapaksas for all economic loses and hardships.

    Patcitz Friday, 17 November 2023 11:51 AM

    Then, what would be the verdict the SC determines for Ranil Wickremasinghe's henchman Arjun Mahendran, who ROBBED the Central Bank of Sri Lanka's treasury, and Ranil Wickremasinghe himself?

    Rajapaksas parasites. Friday, 17 November 2023 11:52 AM

    @time to recover, the slightest move in that direction and gota will once again run around the world seeking refuge. basil will take off to his motherland the USA and Mahinda will have to spend the rest of his life in a navel bunker in Trinco.

    Ram Friday, 17 November 2023 11:59 AM

    Little disturbing why the SC failed to mention that civic rights of the people mentioned as guilty, is an area that must be looked into by the Petitioners

    Mahila Sunday, 19 November 2023 03:43 AM

    Also, why there seems to be NO STRICTURES OR LIMITATIONS on Holding Public Office of any Nature and prohibiting those found guilty!!!??? Also holding EXECUTIVE POSITIONS AND/OR DIRECTORSHIP of Private companies!!!??? Alarming Lacuna!!! Petitioners need, revisit matter, enable those ASAP!!! SL Judiciary (SLJ), Condemnation became irrepressible, Asoka Silva’s ruling on PBJ holding Public Office, though condemnation commenced, pursuant to, “Hiragedarara Yawanna Hitiya Ekkenāwa Mama Raja Gedarata Yawwa” (HYHEMRGY) EPISODE in 2004 – ‘Gedera Yana Gamang’!!!??? UNHRC, and others, realised, SLJ weren't INDEPENDENT, JUDGEMENTS on INTERPRETATION of the LAW, but ONLY on “Personalities involved”!!!??? JVP/NPP similarly adduces SLJ unfairness citing - ONE for Rich/Influential. ANOTHER for Poor!!!??? Classic example, FINED “Poor SAMURDHI FAMILY Child”, Rs 100 ‘stealing’, One COCONUT!? WHY??

    Shazmina Rafee Friday, 17 November 2023 01:47 PM

    Didn’t one and only Romesh appear for Rajapakse family in this case

    Mahila Tuesday, 21 November 2023 12:29 AM

    Protracted Negotiation Applicable Legal Fees progressing!!!??? None bigger in 'Foreseeable Future'!!!?? Maximum Extraction ("Milking") benefit of funds (Sharks)!!!???

    Karalasingam Sivalingam Friday, 17 November 2023 01:52 PM

    Perpetrators of economic crisis should resign from parliament and the positions they hold in public institutions.

    Cherath Friday, 17 November 2023 02:44 PM

    None of these filthy scum have to make do with just 3 string hoppers or half a roti with 5gm lunu miris for breakfast. They and their smooth skinned wives and off spring indulge in cosy comforts even if the rest of Sri Lanka drop dead through starvation thanks to these garbage. So what is the penalty for all their misgivings?

    Mahila Saturday, 18 November 2023 12:00 PM

    That is what pays for irresponsibly electing Governments, Repeatedly the Crookes and Looters, overlooking their character and Unsuitability!!?? Penance!!!???

    Unpunished thieves know Friday, 17 November 2023 02:57 PM

    Public Anger hot water rising up...

    Senior Cirizen Friday, 17 November 2023 02:59 PM


    DISGUSTED Friday, 17 November 2023 03:13 PM

    Like the other SC report this is similar, all lengthy findings but no mention of any JUSTICE and or recovery of funds from those who have been blamed and or collectively brought the country down to its knees. NO ONE in authority from PRESIDENT down to SC, have the GUTS and BACK BONE to make mention how JUDGEMENT and or what ACTION is to be TAKEN GOING FORWARD. Looks like they will all WALK FREE and we will have a REPEAT PERFORMANCE all over again.

    ANNECUNT Friday, 17 November 2023 03:14 PM

    compensation to 22 million people who suffered. they got the money to pay,stop retirement pension

    N V Jen Friday, 17 November 2023 03:26 PM

    The parasite Rajapakse clan re-captured power thru a big bang killing so many innocent people of Sri Lanka and the foreign tourists. They along with these cronies who are the 'Yes Sir' people should be jailed while impounding all their cash and assets.

    sss Friday, 17 November 2023 04:19 PM

    Although this is an empty verdict with no repercussions it is strange that the corrupt SL judiciary going against the powerful. It looks like someone at the highest level of power told the judges to place his frenemies at their place wink wink

    Sarath Silva Friday, 17 November 2023 05:16 PM

    SC = COPE, COPA we haven't heard or seen any appropriate verdict

    Do we need another Aragalaya? Saturday, 18 November 2023 07:51 AM

    When I read all these, why do I get the feeling that the Aragalaya was a little late to come? May be another Aragalaya will help expedite the verdict against culprits, who are still parading in public, as if they are angles of virtue!

    melville perera Saturday, 18 November 2023 08:51 AM

    a minister in the opposition publicly called for depriving all guilty of public trust of their civic rights. Will he make the first move? As it is there is an all island public outcry

    Ron Saturday, 18 November 2023 09:19 AM

    The country and the intair nations future been effected so badly majority are low income families in sri lanka are paying a big price due to few politicians extremely money hungry behaviour that countries future been badly effected for many many years to come no one knows how long the recovery process will take heartless fellows to put the nation in a mess that the poor will get poor and poorer Rock solid system macanisam must be done so that never repeat of this ever again. Politicians priority is to take care of the country and fellow citizens we need honest clever educated decent politicians to moove forward

    Mahila Saturday, 18 November 2023 12:05 PM

    The biggest Problem is voters are electing people to Parliament and President, those giving them 1/4 Bottle Gal, Chicken Biriyani Packet and SLRs 5000!!?? Why cannot this insane voters elect someone FIT!?

    sam Saturday, 18 November 2023 09:32 AM

    No punishment for those guilty

    Concerned Saturday, 18 November 2023 10:09 AM

    It’s sad to see Prof. W. D. Lakshman embroiled in this mess. His tenure at CB was relatively short. (24/12/19 – 14 /09/21). Can we lump him with the vast number of politicians and Government officials who enriched themselves under the Rajapakse. Given his advanced age ( 78 in 2019) was he “conned” into accepting this appointment.

    Mahila Monday, 20 November 2023 03:45 AM

    It is Damning Fact, he was Head of Economics and multitude of Papers on Economics, having been submitted erudite!!!??? Hard to believe, he was lead! He knew what he was walking into and the important fact as I understand it, is the "Money Printing", which is Part and Parcel of the "MODERN ECONOMIC THEORY or DOCTRINE" - MMT/MMD, mooted by him as solution for ILLS of SL and his instinct to "TRIAL IT out as solution"!!!??? So, the triumvirate - Cabral, WDL, PBJ tried it since 18/11/2019, until 22/03/2022 - 27 Months period, by Pegging the USD at Rs 200 and selling USD reserves and CBSL held Gold to 'PROP IT UP' and miserably failed and gave up!!!??? NO!!?? If exempted, SETS bad PRECEDENT!?? FUTURE EXPLOITATION and TRIALS at SL CITIZENS’ EXPENSE – for PERSONAL GAIN!!!???

    Mahila Monday, 20 November 2023 04:12 AM

    WDL is purportedly, the architect of the project, TESTING his Life-long "Belief" and FAILED at the expense of SL!!!??? The sad result and effect, suffering by Sri Lanka Citizens!!!??? This is bad precedent and should be dealt with!!!??? Worse than Finance Ministers, let others out, 2004 to 2014 and then 2019 to 2022 by incumbent, ONLY JPUM – “Junior Pass Unable Matriculation” – or as some Curriculum Vitae state – “ATTEMPTED GCE O/L EXAM”!!!??? This is SICKENING Malaise!!!??? Experimentation of ones skills and probably Personal Skill Acquirement by Trial and Error method not by learning or erudition!!!??? Proved to all without exception he didn’t know, OR if identified, Correct, Amend Commercial Interest Rates therein stipulated by the Chinese – Lakvijaya Power Plant (LPP) EXIM Bank Loans!!!??? EXPOSITION OF STUPIDITY HAS LIMITATIONS!!!???

    Eper Saturday, 18 November 2023 10:53 AM

    The government is thinking we are all fools.All banks balance their accounts at the end of the day and if there is a shortage the cashier is personally responsible and I believe that this practice is maintained in the central bank and state institutions.So please wake up and convict those responsible

    Mahila Tuesday, 21 November 2023 12:58 AM

    The problem is not in "LOCAL Banks or LOCAL Banking Institutions", but OVERSEAS institutions in 'TAX free' havens encouraging USD investments - who collaborate and ask NO questions - making it Convenient for any VULTURES TO THRIVE!!??

    Dayawathie Pangedara Saturday, 18 November 2023 05:58 PM

    All are Myna appointed to steal! Punish them soon! Confiscate all of their assets!

    iggy Sunday, 19 November 2023 08:17 AM

    Tell me something new. We are all crooks.

    Ravi Sunday, 19 November 2023 06:50 PM

    Civil Society must obtain as many signatures, addresses etc of the affected ordinary citizens and claim full compensation from the whole lot. And the SC must grant a ruling and for generations to come, we will have no politicians in our country.

    ANNECUNT Tuesday, 21 November 2023 03:26 PM

    Mahinda and Namal is getting ready to give a bottle of gal and chicken biriyani for the 22 million people to forget

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