Court rejects Cabraal objections; Greek bonds trial begins July 20

The Colombo Permanent High Court at Trial-at-Bar today unanimously rejected the preliminary objections raised in the case filed against former Central Bank Governor Ajith Nivard Cabraal over causing losses to the government by investing state funds exceeding 1.84 billion rupees in high-risk Greek bonds.

The court ordered the full trial of the case, which was postponed due to objections from the defence, to commence on July 20.

Presiding Judge Manoj Thalgodapitiya announced the decision of the special three-judge High Court bench, which also includes Udesh Ranatunga and Buddhika C. Ragala, in open court.

The Commission to Investigate Allegations of Bribery or Corruption (Bribery Commission) filed this case over causing a loss of 1,843,267,595.60 rupees (over 184 crore rupees) by investing Sri Lankan government funds in high-risk bonds in Greece between March 11, 2011, and November 19, 2012, despite a severe collapse in that country's economy.

The Bribery Commission took steps to file this new indictment under the new Anti-Corruption Act because the defendant failed to fulfil the condition given in the previous case against five individuals, including Cabraal, to pay the loss caused to the government within three months.