SC orders Auditor General to conduct an audit on Monetary Board decisions that led to economic crisis

7 October 2022 03:29 pm Views - {{hitsCtrl.values.hits}} 8 Bookmark

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In view of Supreme Court's decision to grant leave to proceed with the Fundamental Rights petitions filed regarding economic crisis in the country, the Court has ordered the Auditor General to conduct an audit and submit a report on Monetary Board's decision to maintain Sri Lankan Rupee at around 203 against the US Dollar and delay in seeking facilities from the IMF.

The Auditor General was further ordered to conduct an audit on the matters relating to the settlement of International Sovereign Bonds to the

value of US$ 500 million on January 18, 2022, utilising foreign reserves.

According to the Supreme Court's order, this report should comprise observations, including whether any loss had been caused to the Central Bank due to its above decisions.

The Auditor General was further directed to submit to the court, the report titled “Special Audit Report on Financial Management and Public Debt Control in Sri Lanka 2018-2022” dated 4th July 2022.

These petitions are to be taken up again on January 9 next year. (Lakmal Sooriyagoda)

Comments - 8

Tissa Fernando Friday, 07 October 2022 03:38 PM

There us no case here. If there is a case then we have to summon all leaders who ruled the country since 1948. Just a waste of time.

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Nelson Madiba Friday, 07 October 2022 03:50 PM

Everytime we get a leader who drives change and the public servants gets exposed for their inefficiencies, we find very defensive, protective, indecisive bunch of senior public sector figures making govt. even more ineffective. In this scenario too we can now expect the monetary board to hide behind various other signatories even to take a reasonable risk. We need a respectable bunch of SLAS officials back again.

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adam Friday, 07 October 2022 04:00 PM

shifting the responsibility to the AG is only to ensure the real perpetrators-Basil and Cabraal are let scot free. Some other poor fellow is going to get blamed for all Rajapaksha's criminality

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Aragalaya Friday, 07 October 2022 06:41 PM

Long wait for results - Case to be taken up again only after three months. The scenario may be completely different then.

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Bernard Jayatilake Friday, 07 October 2022 07:26 PM

It is a matter of time before the person who ruled the country and his acolyte who was on charge of the Central Bank are charged with financial fraud of criminal nature.

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My word is the order Friday, 07 October 2022 08:50 PM

We can be sure of one thing! There will not be any instruction or order in writing from any big wig, because one big wig has said "My word is the order, and you all have to implement my word. There will be no follow up circular." So, there goes the proof of any public servant trying take cover. Poor fellows.

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Premalal Perera Friday, 07 October 2022 09:25 PM

The investigation should also focus on the decision to print enormous quantities of paper money and how of that was used to syphon away Dollars at Rs.203, and by who.

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Jef Saturday, 08 October 2022 09:51 AM

Even casinos have a system design to protect any scams or any kind of mismanagent financially misleading why Sri Lanka as a country failed over and over Still no precautions in place

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