The Colombo High Court has formally charged former Central Bank Governor Ajith Nivard Cabral and four other defendants in connection with a controversial investment that allegedly resulted in significant financial losses for the Sri Lankan government. The charge sheets were submitted to the court on October 10, detailing accusations that the group mismanaged public funds by investing in Greek bonds during Greece’s severe economic crisis in 2012, leading to a loss exceeding 1.8 billion rupees.
The case stems from actions taken during a period when Greece was facing a major economic downturn, raising concerns about the prudence of investing in such volatile assets. The Bribery Commission has conducted a thorough investigation, leading to the filing of these indictments.
Upon receipt of the charge sheets, the court ordered the immediate release of one defendant on bail, set at 10 million rupees. In addition to the bail conditions, the court has placed restrictions on all defendants regarding foreign travel. They are required to surrender their passports to the court and must seek permission from the court before embarking on any international trips.
The case highlights ongoing concerns about governance and accountability in the management of state finances, especially given the critical economic situation Sri Lanka has been navigating in recent years. The legal proceedings are expected to garner significant public attention, as they underscore issues of transparency and responsibility among public officials in the financial sector.
