The charges filed against former Finance Minister Ravi Karunanayake in connection with two cases at the Colombo High Court over the Central Bank bond issuance were quashed by the Court of Appeal on Tuesday (28).
The order was issued by the Court of Appeal two-judge-bench comprising Justices Sobhitha Rajakaruna and Dhammika Ganepola.
The writ petitions filed by former Finance Minister Ravi Karunanayake challenging the Attorney General’s decision to file an indictment over Central Bank bond issuance were taken up for consideration yesterday.
In his petition, Karunanayake challenged the decision of the Attorney General to indict him at the Colombo High Court in connection with the second Central Bank bond issue that took place on 29th and 31st March 2016.
Stating that the Commission of Inquiry has alleged that he chaired a meeting held at the Ministry of Finance on 28th March 2016 attended by representatives of three State Banks and other officials, he pointed out that even though he was the Minister of Finance, neither the Central Bank of Sri Lanka nor the State Banks came under his purview.
He further said in his petition that the Central Bank was at that time a subject gazetted under then Prime Minister Ranil Wickremesinghe and three State Banks were gazetted as a subject under the Ministry of State Enterprises under Kabir Hashim, and hence, Karunanayake was not vested with powers to provide legally binding instructions to the three State Banks or assurances on behalf of the Central Bank as alleged in the conclusions of the Commission of Inquiry.
Pointing out that the Commission of Inquiry has failed to consider the legal position, Karunanayake said the decision made by the Attorney General based on the information pertaining to the alleged meeting held on 28th March 2016 is ultra vires.
Former Finance Minister Ravi Karunanayake had named the Attorney General, the Registrar of Colombo High Court, the Member of the Commission of Inquiry and several others as respondents in the petition. (NewsWire)