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Economic crisis FR petitions : SC directs to make two CBSL Monetary Board members respondents

19 Oct 2022

  • Dr. Sanjeeva Jayawardena (PC) and Dr. Ranee Jayamaha to be made respondents
  •  Duo received over Rs. 2.7 mn each for attending CBSL MB meetings  
BY Buddhika Samaraweera The Supreme Court (SC), which granted leave to proceed to two fundamental rights (FR) petitions that have been filed seeking appropriate action against those responsible for the prevailing economic crisis, has directed the relevant petitioners to add two members of the Monetary Board (MB) of the Central Bank of Sri Lanka (CBSL), namely Dr. Sanjeeva Jayawardena (PC) and Dr. Ranee Jayamaha, as respondents of the two said petitions. One of the above FR petitions, SC FR No. 195/2022, has been filed by Dr. Athulasiri Kumara Samarakoon, Neavis Morais, and Dr. Mahim Mendis. President Ranil Wickremesinghe in his capacity as the Minister of Finance, former President Gotabaya Rajapaksa, former Finance Ministers Mahinda Rajapaksa, Basil Rajapaksa, and M.U.M. Ali Sabry (PC), the former Cabinet of Ministers, the CBSL Monetary Board, former CBSL Governors Ajith Nivard Cabraal and Prof. W.D. Lakshman, former Secretary to the Finance Ministry and Treasury S.R. Attygalle, former CBSL Monetary Board Member S.S.W. Kumarasinghe, Attorney General Sanjay Rajaratnam (PC), Auditor General Chulantha Wickramaratne, Commission to Investigate into Allegations of Bribery or Corruption Members Justices Eva Wanasundera (PC) and Deepali Wijesundera, and Chandra Nimal Wakishta, former Secretary to the President Dr. P.B. Jayasundera, and Secretary General of Parliament Dhammika Dasanayake have been named as respondents in the said petition. The other FR petition SC FR No. 212/2022 has been filed by Chandra Jayaratne, Julian Bolling, Jehan CanagaRetna, and Transparency International Sri Lanka (TISL). Gotabaya Rajapaksa, Wickremesinghe in his capacity as the former Prime Minister, Mahinda Rajapaksa, Basil Rajapaksa, Ali Sabry (PC), Prof. Lakshman, Cabraal, CBSL Governor Dr. Nandalal Weerasinghe, the Monetary Board of the CBSL, Attygalle, incumbent Secretary to the Finance Ministry and Treasury K.M. Mahinda Siriwardana, Bar Association of Sri Lanka (BASL) President Saliya Pieris (PC), and BASL Secretary Isuru Balapatabendi have been named as respondents in the petition. The relevant petitions were argued on several occasions and were taken up before Chief Justice Jayantha Jayasuriya (PC), and Justices Buwaneka Aluwihare (PC), Vijith Kumara Malalgoda (PC), L.T.B. Dehideniya, and Murdu N.B. Fernando (PC) on 7 October. Accordingly, the SC granted leave to proceed with the petitions in terms of Article 126(2) of the Constitution. With regard to the petition SC FR No. 195/2022, the SC granted leave proceed against the respondents including Gotabaya Rajapaksa, Mahinda Rajapaksa, Basil Rajapaksa, Ali Sabry (PC), the former Cabinet, the Monetary Board of the CBSL, Cabraal, Prof. Lakshman, Attygalle, Kumarasinghe, Rajaratnam (PC), Wickramaratne, CIABOC Members, and Dr. Jayasundara. In view of the decision to grant leave to proceed against the Monetary Board of the CBSL and the fact that two of the CBSL Governors who have served in the Monetary Board during the period relevant to the FR application have been named as respondents, the SC stated that it is of the view that remaining members of the Monetary Board should also be named as respondents. Accordingly, the SC has directed the petitioners to add Dr. Jayawardena (PC) and Dr. Jayamaha, who are currently serving as members of the Monetary Board, as respondents. In addition, the Auditor General was directed by the SC to conduct an audit upon examining all the relevant material and to submit a report on the decision made by the Monetary Board to set the value of the Sri Lankan rupee at around Rs. 203 against the US Dollar and all matters connected to that decision, the delay in seeking facilities from the International Monetary Fund (IMF), and all matters relating to the settlement of International Sovereign Bonds to the value of $ 500 million on 18 January 2022 utilising foreign reserves, before 2 January 2023. Furthermore, the CBSL Monetary Board was directed by the SC to produce all documents relating to matters referred to by Dr. Jayawardena (PC) and Dr. Jayamaha at the meeting of the Committee on Public Enterprises (COPE) on 22 May 2022, the suggestions said to have been made that the Government should seek relief and other financial assistance from the IMF, and objection to and/or disagreement expressed regarding the artificial maintenance of the exchange rate of the Sri Lankan rupee at a level below Rs. 203 against the US dollar. The relevant documents have been ordered to be submitted before 30 November 2022. With regard to the petition SC FR No. 212/2022, the SC has granted leave to proceed against the respondents including Gotabaya Rajapaksa, Mahinda Rajapaksa, Basil Rajapaksa, Prof. Lakshman, Cabraal, the CBSL Monetary Board and Attygalle. In addition, Dr. Weerasinghe was directed by the SC to produce copies of all reports given to Mahinda Rajapaksa and Basil Rajapaksa in terms of the Monetary Law Act, No. 37 of 1974, during the time relevant to the FR application before 30 November, 2022. The SC also directed both groups of petitioners to issue notices through the Court Registrar on all the respondents against whom leave to proceed was granted, within one week. According to a recent document that is reported to have been issued by the CBSL, Dr. Jayamaha and Dr. Jayawardena (PC) are among those who have received the highest payments for attending the meetings of the Monetary Board and Monetary Board Sub-Committees during the period from 1 January 2020 to 30 June 2022. The document which was seen by The Morning revealed that Dr. Jayamaha had received a payment of Rs. 3.22 million, while Dr. Jayawardena (PC) had received a payment of Rs. 2.72 million for attending the said meetings.


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