Economic crisis: Supreme Court grants Leave to Proceed against ex President and others

The Supreme Court today granted leave to proceed against persons including former president Gotabhaya Rajapaksa over Fundamental Rights petitions filed in the public interest calling for action against persons responsible for the current economic crisis in Sri Lanka.

Former Finance Ministers Mahinda Rajapaksa and Basil Rajapaksa, former Governors of the Central Bank, Professor W.D Lakshman and Ajith Nivard Cabraal, the Monetary Board of Sri Lanka and Former Secretary to the treasury S.R Attygala named as other respondents. 

Leave was also granted against former Secretary to the President P.B. Jayasundere, former Finance Minister Ali Sabry P.C., present members of the Monetary Board S.S.W. Kumarasinghe.

Court also directed that present members of the Monetary Board who served on the Monetary Board during the matters in question, namely Sanjeeva Jayawardena, P.C., and Dr. Ranee Jayamaha be added as Respondents in this Application.

In addition, the Court also directed the Auditor General to conduct an audit and submit a report by the 30th of November, in respect of the decision made by the Monetary Board to set the value of the Sri Lankan rupee at Rs. 203 against the US Dollar and all matters connected thereto; delay in seeking assistance from the IMF and all matters connected thereto; all matters relating to the settlement of the sovereign bond of US Dollars 500 million on 18th January 2022, using foreign reserves an audit on the loss caused to the Central Bank by such payments.

The Court also directed that Dr. Nandalal Weerasinghe, governor of the Central Bank produce copies of all communications and recommendations given to the former president Gotabhaya Rajapaksa, Former Finance Ministers Mahinda Rajapaksa and Basil Rajapaka, the Cabinet of Ministers, the Monetary Board of Sri Lanka, Former Governors of the Central Bank, Professor W.D Lakshman and Ajith Nivard Cabraal, Former Secretary to the treasury S.R Attygala, by the Central Bank on or before the 30th of November 2022.

The court also directed the Monetary Board to produce copies of all reports given to Former Ministers Mahinda Rajapakse and Basil Rajapakse, as per Section 64 and 68 of the Monetary Law Act, on or before 30th of November 2022.

The case is to be taken up for hearing on  January 9 next year.