CIABOC files indictments against Cabraal and others over Greek T-bill scam

Friday, 23 August 2024 00:10 - - {{hitsCtrl.values.hits}}

Former Central Bank Governor Ajith Nivard Cabraal

Cabraal and four others stand accused of causing Rs. 1.8 b in losses to SL Govt. through T-bill purchases from Greece in 2012
Case was previously thrown out and respondents released due to a technical error made by CIABOC

The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) filed indictments against Former Central Bank Governor Ajith Nivard Cabraal and four others before the Colombo High Court yesterday, in connection with the alleged 2012 Greek Treasury bill Scam.

Cabraal and the other accused are charged with causing Rs. 1.843 billion in losses to the Sri Lankan Government by knowingly purchasing Treasury bills from Greece during a severe economic crisis which allegedly led to significant financial losses for Sri Lanka. The CIABOC had launched an investigation following a complaint by former MP Sujeewa Senasinghe, with claims that the Sri Lankan Government suffered a loss of Rs. 1,843,267,595 due to these transactions.

Following related investigations and further considerations of a previous court order, the CIABOC has initiated proceedings against respondents in the Colombo High Court. The accused include former Central Bank Governor Ajith Nivard Cabraal, Don Dharmasena Dheerasinghe, Don Wasantha Ananda Silva, Chandrasiri Jayasinghe Panditha Siriwardena and Harankaha Arachchilage Karunaratne.

On 31 May this year, the Colombo High Court released Ajith Nivard Cabraal and the other respondents from the same case due to objections raised by their counsels regarding the maintainability of the case. The case was dismissed due to a technical error on the part of the CIABOC, after it was revealed that the CIABOC Director General had signed the indictments against the group before officially assuming the post.

As a result, Colombo High Court Judge Adithya Patabendige ordered the release of Cabraal and the others at that time. However, CIABOC has now since taken steps to refile the indictments before the courts.