Supreme Court orders legal action against two CBSL Monetary Board members

The Supreme Court has ordered that legal action be initiated against two members of the Monetary Board of the Central Bank of Sri Lanka (CBSL) Dr. Sanjeewa Jayawardane and Dr. Ranee Jayamaha.

A five-member bench comprising chief justice Jayantha Jayasuriya, Buwaneka Aluvihare, Vijith Malalgoda, L.T.B. Dehideniya and Murdu N.B. Fernando issued the order, while granting leave to proceed with the fundamental rights case no. SC FR 195/2022.

It also directed the petitioners to add the two who are current members of the 28th respondent (CBSL Monetary Board) as 32B and 32C respondents.

The petitioners, Dr. Athulasiri Kumara Samarakoon, Soosaiappu Neavis Morais and Dr. Mahim Mendis, had named 39 respondents including former president Gotabhaya Rajapaksa, former prime minister Mahinda Rajapaksa and former finance ministers, former secretary to the president and also two former CBSL governors and two of the members who served in the monetary board during the period relevant to the fundamental rights application.

The bench directed the CBSL’s Monetary Board to produce all documents, relating to matters referred to by Dr. Jayawardane and Dr. Jayamaha at the meeting of the Committee on Public Enterprise (COPE) on May 25, 2022.

Specifically mentioned in the order are the suggestion said to have been made, that the Republic should seek relief and/or other financial assistance from the International Monetary Fund, and objection to and/or otherwise disagreement expressed regarding the artificial maintenance of exchange rate of the Sri Lankan Rupee at/or at a level below 203/- as against the US Dollar.

The said documents are required to be submitted to the Court not later than November 30, 2022.

Based on the statements made by Dr. Jayawardane and Dr. Jayamaha at the COPE had been referred to as evidence against certain respondents in this case by the petitioners.

Some of the said respondents by their affidavits have denied the averments together with proof to show that the statements made by the two at the COPE meeting are false and misleading.

The CBSL has released a document indicating Dr. Jayamaha and Dr. Jayawardane as the persons who have received highest payments as Monetary Board members; receiving Rs 3,225,000/- and Rs 2,725,000/- respectively.

Copy of the CBSL document is found below.