The US Government has said a bondholder’s lawsuit filed against Sri Lanka over its historic debt default should be put on hold.
In a statement of interest filed yesterday (2) in New York Federal Court, the US backed the Sri Lankan Government’s request to delay a lawsuit by Hamilton Reserve Bank Ltd. seeking full payment and accrued interest on more than USD 250 million in bonds that came due in July 2022.
The US said the delay would help with ongoing restructuring talks between Sri Lanka and other creditors.
Sri Lanka fell into default in May 2022 after the expiration of a 30-day grace period for missed interest payments on two of its sovereign bonds, the first debt default by the country since it gained independence in 1948. Hamilton Bank sued Sri Lanka in July 2022.
Sri Lanka in July asked US District Judge Denise Cote to put the case on hold for six months. Cote had put her decision on hold until the US decided whether or not to file a statement of interest.
The French and UK Governments previously asked the court to put the suit on hold.
The two countries said in a Sept. 6 letter that they were writing as members of the Paris Club, an informal group of official creditors that help coordinate repayments for struggling debtor nations.
They said delaying the case was “key to ensuring the success of the International Monetary Fund (IMF) supported assistance programme” for the nation.
Sri Lanka recently announced the completion of its local debt restructuring plan and is now engaging with other holders of Sri Lanka’s foreign debt, including China and India.
Hamilton Reserve has opposed the bid to postpone the proceedings, saying that putting them on hold “would be both contrary to US policy interests and an exercise in futility.”
The case is Hamilton Reserve Bank v. Sri Lanka, 22-cv-5199, US District Court, Southern District of New York (Manhattan).
President Anura Kumara Disanayake stated that the life of His Eminence Malcolm Cardinal Ranjith serves as an exemplary model in an era when the moral and spiritual values of society are in decline.
The President made these remarks yesterday (July 07), delivering a speech at the felicitation ceremony organized by the Archdiocese of Colombo to mark the 50th Ordination Anniversary of His Eminence Malcolm Cardinal Ranjith’s sacred priesthood. The event was held at the Archbishop’s House in Colombo.
The President stated that His Eminence is deeply engaged in a tireless mission to uphold social harmony and spiritual upliftment. He is a statesman who has rendered a significant service to the country, a theological scholar capable of articulating the teachings of the Bible with clarity, a powerful orator with the ability to awaken society and above all, a true humanitarian whose influence extends beyond these roles.
The President further affirmed that every possible step will be taken to ensure justice for the victims of the Easter Sunday attacks, without allowing the passage of time to obscure the truth. He emphasized that this is a challenge the government must confront, even within its own institutions and no matter how difficult it may be, justice must be served.
Addressing the gathering, His Eminence Malcolm Cardinal Ranjith reflected on his 50 years of priestly service and commended President Anura Kumara Disanayake for his success in ending a 75-year era of autocratic rule. He also expressed appreciation for the President’s efforts to dismantle a political culture rooted in spreading division among ethnic communities and emphasized the need for a new approach as the country moves towards becoming a prosperous nation.
On this occasion, to mark the 50th Ordination Anniversary of His Eminence Malcolm Cardinal Ranjith’s priesthood, a commemorative stamp and first-day cover were officially presented to the President.
His Eminence Malcolm Cardinal Ranjith was born in 1947 in the Polgahawela area of Kurunegala. He was ordained as a priest on June 29, 1975, at St. Peter’s Basilica in the Vatican, by Pope Paul VI. Thereafter, he served in various roles including Assistant Parish Priest, Acting Parish Priest, Lecturer in theology and professor at the seminary. He is proficient in multiple languages including Sinhala, Tamil, English, German, French, Spanish and Indonesian.
In 1991, under the leadership of then-Archbishop His Eminence Nicholas Marcus Fernando, he was appointed as Auxiliary Bishop of the Archdiocese of Colombo, with his episcopal ordination taking place at the Basilica of Our Lady of Lanka in Tewatte.
Subsequently, on June 16, 2009, Malcolm Ranjith was appointed as the Archbishop of the Archdiocese of Colombo. A year later, on November 20, 2010, he was elevated to the rank of Cardinal at the Basilica of Saint Lawrence in Italy. With this appointment, His Eminence Malcolm Cardinal Ranjith became the second Sri Lankan to receive the blessing of holding the title of Cardinal. He has held numerous positions both nationally and internationally, including serving as chair of several international assemblies.
His Eminence has been the recipient of numerous international accolades, including the Thomas Aquinas Medal for Religious Studies awarded by the Thomas Aquinas College in the United States and the 7th Giuseppe Sciacca International Award for Cultural Achievement, conferred in 2008 by the President of the Italian Republic. A respected writer as well, he has contributed a multitude of articles to journals and newspapers.
Ven. Anunayaka of the Malwathu Chapter, Most Venerable Niyangoda Vijithasiri Thero and Ven. Dr. Omalpe Sobhitha Nayaka Thero extended their wishes during the occasion.
The event was also graced by the Maha Sangha of the three Nikayas, religious leaders from all faiths, President of the Catholic Bishops’ Conference of Sri Lanka, Bishop Harold Anthony Perera, the Charge de Affairs of the Apostolic Nunciature Msgr. Roberto Lucchini, Auxiliary Bishops of Colombo Most Rev. Maxwell Silva and Most Rev. Anthony Jayakody, other Catholic clergy, Prime Minister Dr. Harini Amarasuriya, Opposition Leader Sajith Premadasa, several Ministers and Members of Parliament, Commanders of the Tri-Forces, the Acting Inspector General of Police, Ambassadors and many other distinguished invitees.
Mohamed Sheriff Abdul Wazeeth was sworn in as a Sri Lanka Muslim Congress (SLMC) National List MP before Speaker – Dr. Jagath Wickramaratne today (July 08).
He took over the Parliamentary seat that became vacant following the resignation of M.S. Naleem.
It has been reported that opposition ranks are planning to table a No-Confidence Motion against the Speaker – Dr. Jagath Wickramaratne.
According to political sources, many opposition parties have already agreed to support the move, with a final decision expected to be reached today (July 08).
The NCM is said to be based on several allegations of the Speaker obtaining additional benefits, misusing powers of his office and acting in a biased manner, favouring the ruling party.
Meanwhile, during a Samagi Jana Balawegaya (SJB) group meeting yesterday, criticisms have been raised on certain facilities and privileges the Speaker is said to have obtained.
In recent weeks, several opposition MPs, including Dayasiri Jayasekara, have publicly criticised the Speaker’s conduct in Parliament.