The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) has decided to refile indictments against former Central Bank Governor Ajith Nivard Cabraal. 

The charges involve causing a loss of Rs. 1.84 billion to the government by investing in Greek bonds during Greece’s severe economic crisis, according to Commission sources.

Cabraal was initially released from the case on a technicality after the Colombo High Court upheld a preliminary objection by his lawyers. 

The objection focused on the validity of the CIABOC’s Director General’s appointment at the time the indictments were filed. Similar issues led to the withdrawal of cases against several other accused individuals due to the adoption of the new Anti-Corruption Act and the timing of the Director General’s appointment.

Cabraal’s lawyers argued that there was no Director General appointed to the Bribery Commission under the new Anti-Corruption Act, which took effect on September 15, 2023. They claimed that the previous Director General had no authority to continue in the role until a new appointment was made.

Currently, three fundamental rights petitions are pending in the Supreme Court, challenging the appointment of the current Director General of CIABOC. These petitions are scheduled for consideration on June 19.

The Anti-Corruption Act does not explicitly address scenarios where a Director General has not been appointed, creating a technical issue for CIABOC.

The Commission plans to resolve these issues and refile the indictments accordingly.

Source – Sunday Times